Pacific Biosciences of California (PACB) Upgraded to Strong-Buy at ValuEngine

ValuEngine upgraded shares of Pacific Biosciences of California (NASDAQ:PACB) from a buy rating to a strong-buy rating in a research report report published on Friday.

A number of other brokerages have also recently issued reports on PACB. BidaskClub cut shares of Pacific Biosciences of California from a strong-buy rating to a buy rating in a research report on Wednesday, July 18th. Cantor Fitzgerald set a $8.00 price objective on shares of Pacific Biosciences of California and gave the company a buy rating in a research report on Thursday, October 11th. Piper Jaffray Companies restated a hold rating and issued a $3.80 price objective on shares of Pacific Biosciences of California in a research report on Friday, August 3rd. Cowen assumed coverage on shares of Pacific Biosciences of California in a research report on Friday, October 19th. They issued an outperform rating and a $6.50 price objective for the company. Finally, Zacks Investment Research upgraded shares of Pacific Biosciences of California from a hold rating to a buy rating and set a $4.25 price objective for the company in a research report on Tuesday, July 24th. Three research analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of Buy and an average target price of $5.31.

Shares of Pacific Biosciences of California stock traded up $3.05 during mid-day trading on Friday, reaching $7.56. 97,445,614 shares of the stock were exchanged, compared to its average volume of 1,060,016. The company has a current ratio of 4.33, a quick ratio of 3.28 and a debt-to-equity ratio of 0.17. Pacific Biosciences of California has a fifty-two week low of $2.02 and a fifty-two week high of $7.58.

Pacific Biosciences of California (NASDAQ:PACB) last announced its earnings results on Thursday, November 1st. The biotechnology company reported ($0.19) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.15) by ($0.04). The firm had revenue of $18.16 million for the quarter, compared to analyst estimates of $22.39 million. Pacific Biosciences of California had a negative return on equity of 95.29% and a negative net margin of 100.09%. The company’s revenue for the quarter was down 22.9% compared to the same quarter last year. During the same quarter last year, the business earned ($0.19) EPS. On average, analysts predict that Pacific Biosciences of California will post -0.67 EPS for the current year.

Institutional investors and hedge funds have recently bought and sold shares of the business. BlackRock Inc. increased its position in Pacific Biosciences of California by 7.8% in the 1st quarter. BlackRock Inc. now owns 8,792,739 shares of the biotechnology company’s stock valued at $18,023,000 after acquiring an additional 637,115 shares in the last quarter. Schwab Charles Investment Management Inc. increased its position in Pacific Biosciences of California by 21.4% in the 1st quarter. Schwab Charles Investment Management Inc. now owns 518,737 shares of the biotechnology company’s stock valued at $1,064,000 after acquiring an additional 91,535 shares in the last quarter. Point72 Asset Management L.P. increased its position in Pacific Biosciences of California by 38.1% in the 2nd quarter. Point72 Asset Management L.P. now owns 2,900,000 shares of the biotechnology company’s stock valued at $10,295,000 after acquiring an additional 800,000 shares in the last quarter. Moloney Securities Asset Management LLC increased its position in Pacific Biosciences of California by 9.2% in the 3rd quarter. Moloney Securities Asset Management LLC now owns 467,961 shares of the biotechnology company’s stock valued at $2,532,000 after acquiring an additional 39,500 shares in the last quarter. Finally, Northern Trust Corp increased its position in Pacific Biosciences of California by 9.8% in the 1st quarter. Northern Trust Corp now owns 1,323,140 shares of the biotechnology company’s stock valued at $2,713,000 after acquiring an additional 118,214 shares in the last quarter. Hedge funds and other institutional investors own 70.59% 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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