Pacific Biosciences of California (NASDAQ:PACB) Earns Neutral Rating from Analysts at UBS Group

UBS Group started coverage on shares of Pacific Biosciences of California (NASDAQ:PACB) in a research note issued to investors on Wednesday, Marketbeat.com reports. The brokerage issued a neutral rating and a $1.35 price target on the biotechnology company’s stock.

Several other equities analysts have also recently weighed in on PACB. Weiss Ratings cut Pacific Biosciences of California from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday, August 25th. Wall Street Zen cut Pacific Biosciences of California from a “hold” rating to a “sell” rating in a report on Saturday, August 8th. One research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, Pacific Biosciences of California currently has a consensus rating of “Reduce” and a consensus target price of $1.71.

Pacific Biosciences of California Stock Up 2.4%

Shares of PACB stock opened at $1.30 on Wednesday. The stock has a market cap of $404.08 million, a P/E ratio of -3.02 and a beta of 2.31. Pacific Biosciences of California has a 52 week low of $1.07 and a 52 week high of $2.73. The company’s fifty day simple moving average is $1.36 and its two-hundred day simple moving average is $1.42.

Pacific Biosciences of California (NASDAQ:PACB) last issued its quarterly earnings data on Monday, August 3rd. The biotechnology company reported ($0.14) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.01). Pacific Biosciences of California had a negative net margin of 82.49% and a negative return on equity of 5,752.12%. The firm had revenue of $39.01 million for the quarter, compared to analysts’ expectations of $42.90 million. On average, analysts anticipate that Pacific Biosciences of California will post -0.52 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Mark Van Oene sold 26,911 shares of Pacific Biosciences of California stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $1.13, for a total value of $30,409.43. Following the completion of the transaction, the insider owned 2,705,853 shares in the company, valued at approximately $3,057,613.89. This trade represents a 0.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Corporate insiders own 3.70% of the company’s stock.

Hedge Funds Weigh In On Pacific Biosciences of California

Several large investors have recently modified their holdings of the stock. Essential Partners LLC purchased a new stake in Pacific Biosciences of California during the 1st quarter valued at $25,000. Zacks Investment Management purchased a new position in Pacific Biosciences of California during the third quarter worth $25,000. Caitong International Asset Management Co. Ltd boosted its stake in Pacific Biosciences of California by 891.1% during the third quarter. Caitong International Asset Management Co. Ltd now owns 22,776 shares of the biotechnology company’s stock worth $29,000 after buying an additional 20,478 shares during the period. Russell Investments Group Ltd. bought a new position in Pacific Biosciences of California during the third quarter valued at $29,000. Finally, Corient Private Wealth LP bought a new position in Pacific Biosciences of California during the second quarter valued at $30,000.

Pacific Biosciences of California Company Profile

Pacific Biosciences of California, Inc develops, manufactures and sells high-performance DNA sequencing systems for genetic and genomic analysis. The company’s proprietary single-molecule, real-time (SMRT) sequencing technology is designed to enable long-read sequencing, offering high accuracy for applications such as de novo genome assembly, transcriptome characterization and structural variation analysis. Pacific Biosciences markets a suite of instruments, including the Sequel and Sequel IIe systems, alongside reagents, consumables and data analysis software to support a range of life science research.

Founded in 2004 and headquartered in Menlo Park, California, Pacific Biosciences has expanded its global reach by serving academic institutions, biotechnology and pharmaceutical companies, and government research centers across North America, Europe and Asia.