Pacific Biosciences of California (NASDAQ:PACB) PT Lowered to $7.00 at The Goldman Sachs Group

Pacific Biosciences of California (NASDAQ:PACB) had its price target lowered by The Goldman Sachs Group from $9.00 to $7.00 in a research note published on Wednesday, Benzinga reports. The Goldman Sachs Group currently has a buy rating on the biotechnology company’s stock.

A number of other research firms also recently weighed in on PACB. Wolfe Research initiated coverage on Pacific Biosciences of California in a research report on Wednesday, December 13th. They set a peer perform rating on the stock. Stephens initiated coverage on Pacific Biosciences of California in a research report on Thursday, December 14th. They set an overweight rating and a $11.00 price target on the stock. Guggenheim initiated coverage on Pacific Biosciences of California in a research report on Thursday, December 14th. They set a neutral rating on the stock. StockNews.com upgraded Pacific Biosciences of California to a sell rating in a research report on Wednesday, March 20th. Finally, UBS Group reduced their price objective on Pacific Biosciences of California from $12.50 to $12.00 and set a buy rating on the stock in a research note on Friday, February 16th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of Hold and a consensus price target of $9.78.

Pacific Biosciences of California Trading Down 6.2 %

Shares of PACB stock opened at $3.17 on Wednesday. The company has a debt-to-equity ratio of 1.27, a quick ratio of 7.21 and a current ratio of 7.81. Pacific Biosciences of California has a 52-week low of $3.13 and a 52-week high of $14.55. The company has a market capitalization of $849.40 million, a PE ratio of -2.62 and a beta of 1.83. The business’s fifty day moving average is $4.63 and its 200 day moving average is $6.83.

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

Insider Buying and Selling

In other Pacific Biosciences of California news, Director David W. Meline bought 40,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 6th. The shares were bought 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 directly owns 40,000 shares of the company’s stock, valued at $176,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Pacific Biosciences of California news, insider Oene Mark Van sold 33,560 shares of the firm’s stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $5.96, for a total value of $200,017.60. Following the completion of the sale, the insider now directly owns 876,611 shares in the company, valued at $5,224,601.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director David W. Meline acquired 40,000 shares of the stock in a transaction on Wednesday, March 6th. The stock was bought at an average price of $4.40 per share, with a total value of $176,000.00. Following the completion of the acquisition, the director now directly owns 40,000 shares of the company’s stock, valued at $176,000. The disclosure for this purchase 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 Trading of Pacific Biosciences of California

Several institutional investors and hedge funds have recently bought and sold shares of PACB. Goldman Sachs Group Inc. lifted its holdings in Pacific Biosciences of California by 190.5% in the second quarter. Goldman Sachs Group Inc. now owns 8,438,572 shares of the biotechnology company’s stock worth $37,299,000 after buying an additional 5,533,953 shares during the period. ARK Investment Management LLC lifted its holdings in shares of Pacific Biosciences of California by 15.7% during 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 last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of Pacific Biosciences of California by 68.5% during 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 last quarter. Vanguard Group Inc. lifted its holdings in shares of Pacific Biosciences of California by 15.1% during 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 last quarter. Finally, Bellevue Group AG lifted its holdings in shares of Pacific Biosciences of California by 214.3% during the first quarter. Bellevue Group AG now owns 4,881,752 shares of the biotechnology company’s stock valued at $44,424,000 after purchasing an additional 3,328,729 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.