Pacific Biosciences of California (NASDAQ:PACB) Price Target Raised to $2.00 at Piper Sandler

Pacific Biosciences of California (NASDAQ:PACB) had its target price increased by Piper Sandler from $1.50 to $2.00 in a report issued on Tuesday,Benzinga reports. The firm currently has a neutral rating on the biotechnology company’s stock.

A number of other equities research analysts have also weighed in on PACB. Stephens lifted their price objective on Pacific Biosciences of California from $1.80 to $2.00 and gave the company an “overweight” rating in a report on Monday. Wall Street Zen raised Pacific Biosciences of California from a “sell” rating to a “hold” rating in a report on Saturday, August 9th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Pacific Biosciences of California in a report on Wednesday, October 8th. Three equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $2.00.

Pacific Biosciences of California Price Performance

Shares of PACB opened at $1.86 on Tuesday. The company has a debt-to-equity ratio of 10.51, a quick ratio of 6.02 and a current ratio of 6.92. Pacific Biosciences of California has a fifty-two week low of $0.85 and a fifty-two week high of $2.66. The firm has a 50-day simple moving average of $1.57 and a 200-day simple moving average of $1.37. The company has a market capitalization of $558.69 million, a price-to-earnings ratio of -0.81 and a beta of 2.30.

Pacific Biosciences of California (NASDAQ:PACB) last announced its earnings results on Wednesday, March 29th. The biotechnology company reported ($0.23) earnings per share for the quarter. Pacific Biosciences of California had a negative net margin of 336.40% and a negative return on equity of 66.75%. The company had revenue of $3.34 million during the quarter. On average, equities research analysts anticipate that Pacific Biosciences of California will post -0.72 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Teacher Retirement System of Texas purchased a new position in Pacific Biosciences of California during the 1st quarter valued at about $43,000. Wealthfront Advisers LLC lifted its holdings in shares of Pacific Biosciences of California by 137.3% in the first quarter. Wealthfront Advisers LLC now owns 89,576 shares of the biotechnology company’s stock valued at $106,000 after purchasing an additional 51,825 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Pacific Biosciences of California in the first quarter valued at approximately $482,000. ARK Investment Management LLC increased its stake in shares of Pacific Biosciences of California by 1.2% during the 1st quarter. ARK Investment Management LLC now owns 36,478,441 shares of the biotechnology company’s stock worth $43,045,000 after purchasing an additional 434,079 shares in the last quarter. Finally, Federated Hermes Inc. raised its position in shares of Pacific Biosciences of California by 3.8% during the 1st quarter. Federated Hermes Inc. now owns 465,258 shares of the biotechnology company’s stock worth $549,000 after purchasing an additional 16,960 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.