Stephens Reiterates Overweight Rating for Pacific Biosciences of California (NASDAQ:PACB)

Pacific Biosciences of California (NASDAQ:PACB)‘s stock had its “overweight” rating restated by research analysts at Stephens in a research report issued on Friday,Benzinga reports. They currently have a $2.50 price target on the biotechnology company’s stock. Stephens’ target price suggests a potential upside of 46.80% from the company’s current price.

Several other analysts have also issued reports on the company. Piper Sandler increased their target price on Pacific Biosciences of California from $2.00 to $2.50 and gave the stock a “neutral” rating in a report on Monday, November 11th. Scotiabank decreased their target price on shares of Pacific Biosciences of California from $7.00 to $6.00 and set a “sector outperform” rating on the stock in a report on Monday, November 11th. UBS Group lowered shares of Pacific Biosciences of California from a “buy” rating to a “neutral” rating and set a $2.00 price target on the stock. in a research report on Monday, November 11th. The Goldman Sachs Group decreased their price objective on shares of Pacific Biosciences of California from $2.25 to $1.75 and set a “neutral” rating on the stock in a research note on Thursday, January 23rd. Finally, StockNews.com raised Pacific Biosciences of California to a “sell” rating in a report on Thursday, January 9th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $2.85.

Pacific Biosciences of California Stock Performance

Shares of Pacific Biosciences of California stock traded up $0.22 during trading on Friday, reaching $1.70. The company’s stock had a trading volume of 26,613,473 shares, compared to its average volume of 11,797,705. The company has a quick ratio of 8.64, a current ratio of 9.74 and a debt-to-equity ratio of 1.97. The business’s 50-day moving average price is $1.81 and its 200-day moving average price is $1.80. Pacific Biosciences of California has a 52 week low of $1.16 and a 52 week high of $6.83. The firm has a market cap of $466.38 million, a PE ratio of -1.17 and a beta of 1.92.

Pacific Biosciences of California (NASDAQ:PACB) last posted its quarterly earnings data on Thursday, February 13th. The biotechnology company reported ($0.20) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.20). Pacific Biosciences of California had a negative net margin of 227.69% and a negative return on equity of 42.71%. During the same period in the prior year, the company posted ($0.27) earnings per share. Equities analysts forecast that Pacific Biosciences of California will post -0.91 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Oene Mark Van sold 34,405 shares of the firm’s stock in a transaction on Friday, January 10th. The shares were sold at an average price of $2.03, for a total transaction of $69,842.15. Following the completion of the transaction, the insider now owns 1,597,454 shares of the company’s stock, valued at approximately $3,242,831.62. This trade represents a 2.11 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.40% of the company’s stock.

Hedge Funds Weigh In On Pacific Biosciences of California

A number of hedge funds have recently made changes to their positions in the stock. T. Rowe Price Investment Management Inc. acquired a new stake in Pacific Biosciences of California during the 4th quarter valued at approximately $8,962,000. Hsbc Holdings PLC increased its position in shares of Pacific Biosciences of California by 10.3% during the fourth quarter. Hsbc Holdings PLC now owns 86,809 shares of the biotechnology company’s stock worth $154,000 after buying an additional 8,106 shares during the period. Stifel Financial Corp increased its position in shares of Pacific Biosciences of California by 33.2% during the fourth quarter. Stifel Financial Corp now owns 67,531 shares of the biotechnology company’s stock worth $124,000 after buying an additional 16,843 shares during the period. MetLife Investment Management LLC lifted its holdings in Pacific Biosciences of California by 21.0% in the fourth quarter. MetLife Investment Management LLC now owns 145,379 shares of the biotechnology company’s stock valued at $266,000 after buying an additional 25,216 shares during the period. Finally, First Trust Advisors LP acquired a new stake in Pacific Biosciences of California during the 4th quarter worth about $42,000.

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.