The Goldman Sachs Group Cuts Pacific Biosciences of California (NASDAQ:PACB) Price Target to $1.50

Pacific Biosciences of California (NASDAQ:PACB) had its price objective decreased by The Goldman Sachs Group from $1.75 to $1.50 in a research note issued to investors on Tuesday,Benzinga reports. The Goldman Sachs Group currently has a neutral rating on the biotechnology company’s stock.

Several other analysts have also issued reports on the stock. StockNews.com upgraded shares of Pacific Biosciences of California to a “sell” rating in a research report on Friday, February 14th. Scotiabank decreased their price target on shares of Pacific Biosciences of California from $7.00 to $6.00 and set a “sector outperform” rating on the stock in a research report on Monday, November 11th. Piper Sandler raised their price target on shares of Pacific Biosciences of California from $2.00 to $2.50 and gave the stock a “neutral” rating in a research report on Monday, November 11th. UBS Group downgraded shares of Pacific Biosciences of California from a “buy” rating to a “neutral” rating and set a $2.00 price objective for the company. in a report on Monday, November 11th. Finally, Stephens reaffirmed an “overweight” rating and set a $2.50 price objective on shares of Pacific Biosciences of California in a report on Friday, February 14th. One research analyst has rated the stock with a sell rating, six have given a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $2.79.

Pacific Biosciences of California Stock Performance

NASDAQ:PACB opened at $1.64 on Tuesday. The company has a current ratio of 9.74, a quick ratio of 8.64 and a debt-to-equity ratio of 1.97. The firm has a market capitalization of $449.13 million, a PE ratio of -1.00 and a beta of 1.92. The firm’s fifty day simple moving average is $1.77 and its 200 day simple moving average is $1.79. Pacific Biosciences of California has a 1 year low of $1.16 and a 1 year high of $6.09.

Pacific Biosciences of California (NASDAQ:PACB) last posted its quarterly earnings results on Thursday, February 13th. The biotechnology company reported ($0.20) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.20). The company had revenue of $39.22 million for the quarter, compared to analyst estimates of $39.20 million. Pacific Biosciences of California had a negative net margin of 200.40% and a negative return on equity of 42.89%. During the same period last year, the business posted ($0.27) EPS. On average, sell-side analysts anticipate that Pacific Biosciences of California will post -0.71 EPS for the current year.

Insider Activity at Pacific Biosciences of California

In related news, insider Michele Farmer sold 24,349 shares of Pacific Biosciences of California stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $1.88, for a total transaction of $45,776.12. Following the completion of the transaction, the insider now directly owns 187,592 shares of the company’s stock, valued at $352,672.96. This trade represents a 11.49 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Oene Mark Van sold 34,405 shares of the business’s stock in a transaction dated Friday, January 10th. The stock was 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 directly owns 1,597,454 shares of the company’s stock, valued at approximately $3,242,831.62. This represents a 2.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Pacific Biosciences of California

A number of institutional investors have recently modified their holdings of PACB. Creative Planning raised its stake in shares of Pacific Biosciences of California by 30.8% in the third quarter. Creative Planning now owns 32,409 shares of the biotechnology company’s stock worth $55,000 after acquiring an additional 7,629 shares during the last quarter. Impact Partnership Wealth LLC raised its stake in shares of Pacific Biosciences of California by 44.7% in the third quarter. Impact Partnership Wealth LLC now owns 39,169 shares of the biotechnology company’s stock worth $67,000 after acquiring an additional 12,093 shares during the last quarter. Ballentine Partners LLC bought a new position in shares of Pacific Biosciences of California in the third quarter worth about $43,000. Carret Asset Management LLC raised its stake in shares of Pacific Biosciences of California by 110.1% in the third quarter. Carret Asset Management LLC now owns 163,000 shares of the biotechnology company’s stock worth $277,000 after acquiring an additional 85,400 shares during the last quarter. Finally, China Universal Asset Management Co. Ltd. raised its stake in shares of Pacific Biosciences of California by 60.2% in the third quarter. China Universal Asset Management Co. Ltd. now owns 54,335 shares of the biotechnology company’s stock worth $92,000 after acquiring an additional 20,417 shares during 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.