Pacific Biosciences of California (NASDAQ:PACB) PT Lowered to $2.50 at Sanford C. Bernstein

Pacific Biosciences of California (NASDAQ:PACB) had its price target trimmed by Sanford C. Bernstein from $9.00 to $2.50 in a report released on Thursday, Benzinga reports. The firm currently has an outperform rating on the biotechnology company’s stock.

Several other research analysts have also recently weighed in on PACB. The Goldman Sachs Group cut shares of Pacific Biosciences of California from a buy rating to a neutral rating and decreased their price objective for the stock from $7.00 to $2.50 in a research report on Thursday. Barclays cut 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. TD Cowen cut their target price on Pacific Biosciences of California from $12.00 to $2.50 and set a buy rating for the company in a research note on Wednesday. StockNews.com raised Pacific Biosciences of California to a sell rating in a research note on Wednesday. Finally, UBS Group cut their target price on Pacific Biosciences of California from $12.50 to $12.00 and set a buy rating for the company in a research note on Friday, February 16th. One analyst has rated the stock with a sell rating, six have issued a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of Hold and an average target price of $7.77.

Pacific Biosciences of California Price Performance

PACB stock opened at $1.55 on Thursday. 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 company’s 50 day moving average is $4.15 and its 200 day moving average is $6.60. Pacific Biosciences of California has a 1-year low of $1.25 and a 1-year high of $14.55.

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

Insiders Place Their Bets

In other Pacific Biosciences of California news, insider Oene Mark Van sold 33,560 shares of the stock in a transaction 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 owns 876,611 shares in the company, valued at $5,224,601.56. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other Pacific Biosciences of California news, insider Oene Mark Van sold 33,560 shares of the stock in a transaction 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 owns 876,611 shares in the company, valued at $5,224,601.56. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director David W. Meline acquired 40,000 shares of the firm’s stock in a transaction on Wednesday, March 6th. The stock was purchased at an average price of $4.40 per share, with a total value of $176,000.00. Following the acquisition, the director now owns 40,000 shares of the company’s stock, valued at approximately $176,000. The disclosure for this purchase can be found here. Over the last 90 days, insiders sold 37,359 shares of company stock worth $218,843. 1.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Pacific Biosciences of California

Several institutional investors and hedge funds have recently modified their holdings of the stock. First Trust Direct Indexing L.P. bought a new position in shares of Pacific Biosciences of California during the first quarter valued at $98,000. Carret Asset Management LLC increased its holdings in shares of Pacific Biosciences of California by 52.4% during the first quarter. Carret Asset Management LLC now owns 32,000 shares of the biotechnology company’s stock valued at $120,000 after acquiring an additional 11,000 shares in the last quarter. Mirador Capital Partners LP increased its holdings in shares of Pacific Biosciences of California by 506.0% during the first quarter. Mirador Capital Partners LP now owns 318,373 shares of the biotechnology company’s stock valued at $1,194,000 after acquiring an additional 265,835 shares in the last quarter. SteelPeak Wealth LLC bought a new position in shares of Pacific Biosciences of California during the first quarter valued at $355,000. Finally, Bourne Lent Asset Management Inc. increased its holdings in shares of Pacific Biosciences of California by 10.5% during the first quarter. Bourne Lent Asset Management Inc. now owns 654,415 shares of the biotechnology company’s stock valued at $2,454,000 after acquiring an additional 62,200 shares in the last quarter.

About Pacific Biosciences of California

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.