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

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

A number of other research firms have also commented on PACB. Barclays dropped their price objective on shares of Pacific Biosciences of California from $8.00 to $3.00 and set an equal weight rating on the stock in a research note on Wednesday, April 10th. StockNews.com upgraded shares of Pacific Biosciences of California to a sell rating in a research note on Wednesday, March 20th. UBS Group dropped their price target on shares of 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. Finally, The Goldman Sachs Group dropped their price target on shares of Pacific Biosciences of California from $9.00 to $7.00 and set a buy rating on the stock in a research note on Wednesday, April 10th. One equities 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 currently has an average rating of Moderate Buy and an average target price of $9.05.

Pacific Biosciences of California Price Performance

Shares of NASDAQ:PACB opened at $1.40 on Wednesday. The company’s fifty day moving average price is $4.36 and its 200 day moving average price is $6.69. Pacific Biosciences of California has a 12 month low of $1.25 and a 12 month high of $14.55. The company has a current ratio of 7.81, a quick ratio of 7.21 and a debt-to-equity ratio of 1.27.

Pacific Biosciences of California (NASDAQ:PACB) last posted its quarterly earnings data 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 company had revenue of $58.36 million for the quarter, compared to analyst estimates of $57.96 million. Pacific Biosciences of California had a negative net margin of 152.97% and a negative return on equity of 40.23%. Pacific Biosciences of California’s quarterly revenue was up 113.3% on a year-over-year basis. During the same period in the previous year, the business posted ($0.35) earnings per share. 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 related news, Director David W. Meline acquired 40,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 6th. The shares were purchased 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 owns 40,000 shares in the company, valued at $176,000. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Pacific Biosciences of California news, insider Oene Mark Van sold 33,560 shares of the company’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 sale, the insider now 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 can be accessed through the SEC website. Also, Director David W. Meline purchased 40,000 shares of Pacific Biosciences of California stock in a transaction on Wednesday, March 6th. The stock was acquired at an average cost of $4.40 per share, for a total transaction of $176,000.00. Following 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. Over the last 90 days, insiders have sold 37,359 shares of company stock valued at $218,843. Corporate insiders own 1.90% of the company’s stock.

Institutional Trading of Pacific Biosciences of California

Several institutional investors and hedge funds have recently modified their holdings of the business. Ambassador Advisors LLC lifted its holdings in shares of Pacific Biosciences of California by 5.6% in the second quarter. Ambassador Advisors LLC now owns 19,000 shares of the biotechnology company’s stock valued at $219,000 after purchasing an additional 1,000 shares in the last quarter. Amalgamated Bank boosted its position in Pacific Biosciences of California by 3.7% during the fourth quarter. Amalgamated Bank now owns 29,945 shares of the biotechnology company’s stock worth $245,000 after acquiring an additional 1,057 shares during the last quarter. Prudential Financial Inc. boosted its position in Pacific Biosciences of California by 6.6% during the first quarter. Prudential Financial Inc. now owns 17,212 shares of the biotechnology company’s stock worth $77,000 after acquiring an additional 1,060 shares during the last quarter. Envestnet Asset Management Inc. boosted its position in Pacific Biosciences of California by 5.3% during the first quarter. Envestnet Asset Management Inc. now owns 24,606 shares of the biotechnology company’s stock worth $285,000 after acquiring an additional 1,238 shares during the last quarter. Finally, Legal & General Group Plc boosted its position in Pacific Biosciences of California by 0.8% during the fourth quarter. Legal & General Group Plc now owns 236,272 shares of the biotechnology company’s stock worth $2,318,000 after acquiring an additional 1,909 shares during the last quarter.

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.