Pacific Biosciences of California (NASDAQ:PACB) Price Target Lowered to $2.50 at TD Cowen

Pacific Biosciences of California (NASDAQ:PACB) had its price objective decreased by TD Cowen from $12.00 to $2.50 in a report issued on Wednesday morning, Benzinga reports. TD Cowen currently has a buy rating on the biotechnology company’s stock.

Other equities research analysts have also recently issued reports about the company. The Goldman Sachs Group reduced their target price on Pacific Biosciences of California from $9.00 to $7.00 and set a buy rating on the stock in a report on Wednesday, April 10th. UBS Group reduced their target price on Pacific Biosciences of California from $12.50 to $12.00 and set a buy rating on the stock in a report on Friday, February 16th. StockNews.com raised Pacific Biosciences of California to a sell rating in a report on Wednesday, March 20th. Finally, Barclays reduced their target price on Pacific Biosciences of California from $8.00 to $3.00 and set an equal weight rating on the stock in a report on Wednesday, April 10th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of Moderate Buy and a consensus price target of $9.05.

Pacific Biosciences of California Price Performance

NASDAQ:PACB opened at $1.40 on Wednesday. The company has a debt-to-equity ratio of 1.27, a current ratio of 7.81 and a quick ratio of 7.21. The business’s 50-day simple moving average is $4.36 and its two-hundred day simple moving average is $6.69. Pacific Biosciences of California has a 52 week low of $1.25 and a 52 week high of $14.55.

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

Insiders Place Their Bets

In other Pacific Biosciences of California news, insider Oene Mark Van sold 33,560 shares of the business’s stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $5.96, for a total transaction of $200,017.60. Following the sale, the insider now directly owns 876,611 shares of the company’s stock, valued at $5,224,601.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Pacific Biosciences of California news, Director David W. Meline bought 40,000 shares of the company’s stock in a transaction on Wednesday, March 6th. The stock was acquired at an average price of $4.40 per share, for a total transaction of $176,000.00. Following the completion of the transaction, the director now directly owns 40,000 shares of the company’s stock, valued at $176,000. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, 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 value of $200,017.60. Following the transaction, the insider now owns 876,611 shares of the company’s stock, valued at approximately $5,224,601.56. The disclosure for this sale can be found here. Insiders have sold 37,359 shares of company stock valued at $218,843 over the last ninety days. 1.90% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the business. ARK Investment Management LLC boosted its holdings in shares of 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 during the period. Vanguard Group Inc. boosted its holdings in shares of Pacific Biosciences of California by 15.1% in the fourth quarter. Vanguard Group Inc. now owns 26,789,552 shares of the biotechnology company’s stock valued at $262,806,000 after purchasing an additional 3,514,792 shares during the period. BlackRock Inc. boosted its holdings in shares of Pacific Biosciences of California by 3.1% in the second quarter. BlackRock Inc. now owns 20,822,903 shares of the biotechnology company’s stock valued at $276,945,000 after purchasing an additional 621,003 shares during the period. Capital International Investors boosted its holdings in shares of Pacific Biosciences of California by 5.6% in the first quarter. Capital International Investors now owns 12,781,855 shares of the biotechnology company’s stock valued at $116,315,000 after purchasing an additional 675,537 shares during the period. Finally, Price T Rowe Associates Inc. MD boosted its holdings in shares of Pacific Biosciences of California by 68.5% in the second quarter. Price T Rowe Associates Inc. MD now owns 10,284,090 shares of the biotechnology company’s stock valued at $45,456,000 after purchasing an additional 4,179,997 shares during the period.

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.