Pacific Biosciences of California (NASDAQ:PACB) PT Lowered to $2.50 at TD Cowen

Pacific Biosciences of California (NASDAQ:PACB) had its price target dropped by stock analysts at TD Cowen from $12.00 to $2.50 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the biotechnology company’s stock. TD Cowen’s price target would suggest a potential upside of 71.23% from the company’s current price.

A number of other analysts have also weighed in on PACB. Barclays lowered their target price on Pacific Biosciences of California from $8.00 to $3.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 10th. StockNews.com upgraded Pacific Biosciences of California to a “sell” rating in a report on Wednesday, March 20th. The Goldman Sachs Group decreased their price target on Pacific Biosciences of California from $9.00 to $7.00 and set a “buy” rating on the stock in a report on Wednesday, April 10th. Finally, UBS Group decreased their price target on Pacific Biosciences of California from $12.50 to $12.00 and set a “buy” rating on the stock in a report on Friday, February 16th. One research analyst has rated the stock with a sell rating, six have given a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $7.77.

Pacific Biosciences of California Stock Up 4.3 %

Shares of NASDAQ:PACB opened at $1.46 on Wednesday. Pacific Biosciences of California has a twelve month low of $1.25 and a twelve month high of $14.55. The company has a debt-to-equity ratio of 1.27, a quick ratio of 7.21 and a current ratio of 7.81. The business has a fifty day moving average of $4.25 and a 200-day moving average of $6.65.

Pacific Biosciences of California (NASDAQ:PACB) last announced its earnings results on Thursday, February 15th. The biotechnology company reported ($0.27) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.29) by $0.02. Pacific Biosciences of California had a negative return on equity of 40.23% and a negative net margin of 152.97%. The company had revenue of $58.36 million during the quarter, compared to analyst estimates of $57.96 million. During the same period last year, the company posted ($0.35) earnings per share. The firm’s quarterly revenue was up 113.3% compared to the same quarter last year. Analysts forecast that Pacific Biosciences of California will post -1.01 earnings per share for the current fiscal year.

Insider Transactions at Pacific Biosciences of California

In other news, insider Oene Mark Van sold 33,560 shares of the business’s stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $5.96, for a total transaction of $200,017.60. Following the completion of the transaction, the insider now directly owns 876,611 shares in the company, valued at approximately $5,224,601.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, insider Oene Mark Van sold 33,560 shares of the business’s stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $5.96, for a total value of $200,017.60. Following the completion of the transaction, the insider now directly owns 876,611 shares in the company, valued at approximately $5,224,601.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director David W. Meline acquired 40,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 6th. The stock was acquired at an average price of $4.40 per share, with a total value of $176,000.00. Following the completion of the transaction, the director now directly owns 40,000 shares in the company, valued at approximately $176,000. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 37,359 shares of company stock worth $218,843. 1.90% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Pacific Biosciences of California

Institutional investors and hedge funds have recently modified their holdings of the business. Moody Aldrich Partners LLC acquired a new position in shares of Pacific Biosciences of California in the 4th quarter valued at approximately $4,103,000. ARK Investment Management LLC raised its stake in shares of Pacific Biosciences of California by 15.7% during the 4th quarter. ARK Investment Management LLC now owns 34,504,273 shares of the biotechnology company’s stock worth $338,487,000 after purchasing an additional 4,681,833 shares in the last quarter. Nordea Investment Management AB raised its stake in shares of Pacific Biosciences of California by 37.5% during the 3rd quarter. Nordea Investment Management AB now owns 149,131 shares of the biotechnology company’s stock worth $1,255,000 after purchasing an additional 40,667 shares in the last quarter. Qube Research & Technologies Ltd raised its stake in shares of Pacific Biosciences of California by 452.8% during the 3rd quarter. Qube Research & Technologies Ltd now owns 330,331 shares of the biotechnology company’s stock worth $2,758,000 after purchasing an additional 270,573 shares in the last quarter. Finally, Assenagon Asset Management S.A. raised its stake in shares of Pacific Biosciences of California by 2,201.0% during the 4th quarter. Assenagon Asset Management S.A. now owns 3,041,624 shares of the biotechnology company’s stock worth $29,838,000 after purchasing an additional 2,909,439 shares in the last quarter.

Pacific Biosciences of California Company Profile

Pacific Biosciences of California, Inc designs, develops, and manufactures sequencing solution to resolve genetically complex problems. The company provides sequencing systems; consumable products, including single molecule real-time (SMRT) technology; long-red sequencing; and various reagent kits designed for specific workflow, such as preparation kit to convert DNA into SMRTbell double-stranded DNA library formats, including molecular biology reagents, such as ligase, buffers, and exonucleases.