Weekly Analysts’ Ratings Changes for Pacific Biosciences of California (PACB)

A number of firms have modified their ratings and price targets on shares of Pacific Biosciences of California (NASDAQ: PACB) recently:

• 4/18/2024 – Pacific Biosciences of California had its price target lowered by analysts at Scotiabank from $15.00 to $8.00. They now have a “sector outperform” rating on the stock.
• 4/18/2024 – Pacific Biosciences of California had its price target lowered by analysts at Sanford C. Bernstein from $9.00 to $2.50. They now have an “outperform” rating on the stock.
• 4/18/2024 – Pacific Biosciences of California was downgraded by analysts at The Goldman Sachs Group, Inc. from a “buy” rating to a “neutral” rating. They now have a $2.50 price target on the stock, down previously from $7.00.
• 4/17/2024 – Pacific Biosciences of California was upgraded by analysts at StockNews.com to a “sell” rating.
• 4/17/2024 – Pacific Biosciences of California had its price target lowered by analysts at TD Cowen from $12.00 to $2.50. They now have a “buy” rating on the stock.
• 4/10/2024 – Pacific Biosciences of California had its price target lowered by analysts at Barclays PLC from $8.00 to $3.00. They now have an “equal weight” rating on the stock.
• 4/10/2024 – Pacific Biosciences of California had its price target lowered by analysts at The Goldman Sachs Group, Inc. from $9.00 to $7.00. They now have a “buy” rating on the stock.
• 3/20/2024 – Pacific Biosciences of California was upgraded by analysts at StockNews.com to a “sell” rating.
• 3/11/2024 – Pacific Biosciences of California was upgraded by analysts at StockNews.com to a “sell” rating.

Pacific Biosciences of California Price Performance

Shares of PACB stock opened at $1.55 on Monday. Pacific Biosciences of California, Inc. has a 1 year low of $1.25 and a 1 year high of $14.55. The firm’s 50 day moving average is $4.15 and its 200-day moving average is $6.59. The firm has a market capitalization of $415.32 million, a price-to-earnings ratio of -1.28 and a beta of 1.83. The company has a current ratio of 7.81, a quick ratio of 7.21 and a debt-to-equity ratio of 1.27.

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

Insider Transactions at Pacific Biosciences of California

In other Pacific Biosciences of California news, Director David W. Meline purchased 40,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 6th. The stock was acquired at an average cost of $4.40 per share, with a total value of $176,000.00. Following the completion of the purchase, the director now directly owns 40,000 shares in the company, valued at approximately $176,000. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 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 shares were sold at an average price of $5.96, for a total transaction of $200,017.60. Following the completion of the sale, the insider now directly owns 876,611 shares of the company’s stock, valued at $5,224,601.56. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director David W. Meline purchased 40,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 6th. The shares were acquired at an average cost of $4.40 per share, with a total value of $176,000.00. Following the completion of the purchase, the director now owns 40,000 shares of the company’s stock, valued at $176,000. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 37,359 shares of company stock worth $218,843. Corporate insiders own 1.40% of the company’s stock.

Institutional Investors Weigh In On Pacific Biosciences of California

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

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.