Pacific Biosciences of California (NASDAQ:PACB) Upgraded by Piper Jaffray Companies to Overweight

Piper Jaffray Companies upgraded shares of Pacific Biosciences of California (NASDAQ:PACB) from a neutral rating to an overweight rating in a research note issued to investors on Tuesday, BenzingaRatingsTable reports. Piper Jaffray Companies currently has $8.00 target price on the biotechnology company’s stock.

A number of other research analysts have also recently weighed in on the company. Cantor Fitzgerald set a $8.00 target price on Pacific Biosciences of California and gave the company a hold rating in a report on Thursday, June 20th. BidaskClub cut Pacific Biosciences of California from a hold rating to a sell rating in a research note on Tuesday, September 10th. Finally, ValuEngine cut Pacific Biosciences of California from a sell rating to a strong sell rating in a research note on Thursday, October 10th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the company’s stock. The stock currently has an average rating of Hold and a consensus price target of $7.63.

Pacific Biosciences of California stock traded up $0.01 during midday trading on Tuesday, reaching $5.45. The stock had a trading volume of 14,936 shares, compared to its average volume of 1,803,139. Pacific Biosciences of California has a twelve month low of $3.90 and a twelve month high of $7.84. The stock has a market capitalization of $822.93 million, a PE ratio of -7.20 and a beta of 1.76. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.65 and a current ratio of 2.00. The stock’s 50-day simple moving average is $5.36 and its 200 day simple moving average is $6.20.

Pacific Biosciences of California (NASDAQ:PACB) last issued its earnings results on Tuesday, August 6th. The biotechnology company reported ($0.16) earnings per share for the quarter, meeting the Zacks’ consensus estimate of ($0.16). Pacific Biosciences of California had a negative return on equity of 106.36% and a negative net margin of 140.68%. The firm had revenue of $24.62 million for the quarter, compared to analysts’ expectations of $22.27 million. Equities analysts predict that Pacific Biosciences of California will post -0.64 earnings per share for the current fiscal year.

Institutional investors and hedge funds have recently modified their holdings of the business. Cubist Systematic Strategies LLC acquired a new position in shares of Pacific Biosciences of California during the second quarter worth about $28,000. Point72 Hong Kong Ltd acquired a new position in shares of Pacific Biosciences of California during the second quarter worth about $37,000. FNY Investment Advisers LLC lifted its stake in shares of Pacific Biosciences of California by 211.1% during the second quarter. FNY Investment Advisers LLC now owns 11,200 shares of the biotechnology company’s stock worth $67,000 after purchasing an additional 7,600 shares in the last quarter. Bluefin Trading LLC acquired a new position in shares of Pacific Biosciences of California during the second quarter worth about $91,000. Finally, Bank of Montreal Can lifted its stake in shares of Pacific Biosciences of California by 291.6% during the second quarter. Bank of Montreal Can now owns 15,883 shares of the biotechnology company’s stock worth $97,000 after purchasing an additional 11,827 shares in the last quarter. Institutional investors own 69.69% of the company’s stock.

Pacific Biosciences of California Company Profile

Pacific Biosciences of California, Inc designs, develops, and manufactures sequencing systems to resolve genetically complex problems. The company's single molecule real-time (SMRT) sequencing technology enables single molecule real-time detection of biological processes. It offers PacBio RS II and Sequel Systems that conducts, monitors, and analyzes single molecule biochemical reactions in real time.

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