Weekly Analyst Rating Changes for Pacific Biosciences of California (PACB)

A number of companies have adjusted their ratings and price targets for shares Pacific Biosciences of California (NASDAQ: PACB) recently:

• Apr 18, 2024 – California-based Pacific Biosciences has had its price target lowered from $15.00 to $8.00 by analysts at Scotiabank. They now have a ‘sector outperform’ rating on the stock.
• Apr 18, 2024 – California-based Pacific Biosciences had its price target lowered from $9.00 to $2.50 by analysts at Sanford C. Bernstein. They now have an ‘outperform’ rating on the stock.
• Apr 18, 2024 – California-based Pacific Biosciences has been named by analysts at The Goldman Sachs Group, Inc. downgraded from a “buy” rating to a “neutral” rating. They now have a $2.50 price target for the stock, down from $7.00 previously.
• Apr 17, 2024 – California-based Pacific Biosciences has been upgraded to a ‘sell’ rating by StockNews.com analysts.
• Apr 17, 2024 – California-based Pacific Biosciences has had its price target lowered from $12.00 to $2.50 by analysts at TD Cowen. They now have a buy rating on the stock.
• Apr 10, 2024 – California-based Pacific Biosciences has had its price target lowered from $8.00 to $3.00 by analysts at Barclays PLC. They now have an equalweight rating on the stock.
• 10-04-2024 – The price target of California-based Pacific Biosciences has been revised by analysts at The Goldman Sachs Group, Inc. reduced from $9.00 to $7.00. They now have a buy rating on the stock.
• 3/20/2024 – California-based Pacific Biosciences has been upgraded to a “sell” rating by StockNews.com analysts.
• 3/11/2024 – California-based Pacific Biosciences has been upgraded to a “sell” rating by StockNews.com analysts.

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 company’s 50-day moving average is $4.15 and its 200-day moving average is $6.59. The company has a market cap 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 – Get Free Report) last reported its earnings results on Thursday, February 15. The biotechnology company reported ($0.27) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.29) by $0.02. California-based Pacific Biosciences 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 last year, the company earned earnings per share of ($0.35). Pacific Biosciences of California’s quarterly revenue rose 113.3% year over year. Sell-side analysts predict that California-based Pacific Biosciences, Inc. will post a profit per share of -1.01 for the current financial year.

Insider transactions at California-based Pacific Biosciences

In other Pacific Biosciences of California news, President 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 completion of the purchase, the director now directly owns 40,000 shares in the company, worth approximately $176,000. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, insider Oene Mark Van sold 33,560 shares of the company’s stock in a transaction that occurred on Friday, February 16th. The shares 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 explanation for this purchase can be found here. In the last three months, insiders have sold 37,359 shares of the company’s stock worth $218,843. Corporate insiders own 1.40% of the company’s shares.

Institutional investors weigh in on Pacific Biosciences from California

Institutional investors and hedge funds have recently changed their positions in the company. Moody Aldrich Partners LLC bought a new stake in shares of California-based Pacific Biosciences during the fourth quarter valued at approximately $4,103,000. ARK Investment Management LLC increased its stake in California-based Pacific Biosciences 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 California-based Pacific Biosciences by 37.5% in the third 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 increased its stake in California-based Pacific Biosciences by 452.8% in the third 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 SA grew its stake in California-based Pacific Biosciences by 2,201.0% in the fourth quarter. Assenagon Asset Management SA 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, Inc designs, develops and manufactures sequencing solutions to solve genetically complex problems. The company supplies sequencing systems; consumables, including single molecule real-time (SMRT) technology; long red sequence; and various reagent kits designed for a specific workflow, such as a preparation kit to convert DNA into SMRTbell double-stranded DNA library formats, including molecular biology reagents such as ligase, buffers and exonucleases.

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