Pacific Biosciences of California (NASDAQ:PACB) Price Target Lowered to $14.00 at Canaccord Genuity Group

Pacific Biosciences of California (NASDAQ:PACBGet Rating) had its target price trimmed by Canaccord Genuity Group from $17.00 to $14.00 in a research note issued to investors on Friday morning, The Fly reports. The brokerage currently has a buy rating on the biotechnology company’s stock.

A number of other research analysts have also commented on PACB. Piper Sandler cut their price target on Pacific Biosciences of California from $13.00 to $6.00 and set a na rating for the company in a report on Sunday, May 15th. Cowen set a $9.00 price target on Pacific Biosciences of California in a report on Tuesday, July 19th. Finally, Cantor Fitzgerald cut their price target on Pacific Biosciences of California from $23.00 to $19.00 in a report on Thursday, May 5th. One equities research analyst has rated the stock with a sell rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $22.17.

Pacific Biosciences of California Stock Performance

Shares of Pacific Biosciences of California stock opened at $6.06 on Friday. The company has a quick ratio of 16.38, a current ratio of 16.87 and a debt-to-equity ratio of 1.22. The stock has a 50 day moving average price of $4.80 and a two-hundred day moving average price of $7.51. Pacific Biosciences of California has a 12-month low of $3.85 and a 12-month high of $34.95.

Pacific Biosciences of California (NASDAQ:PACBGet Rating) last announced its earnings results on Wednesday, August 3rd. The biotechnology company reported ($0.32) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.34) by $0.02. Pacific Biosciences of California had a negative return on equity of 34.55% and a negative net margin of 147.39%. During the same quarter in the previous year, the company earned ($0.21) earnings per share. As a group, equities analysts predict that Pacific Biosciences of California will post -1.38 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of PACB. Los Angeles Capital Management LLC grew its holdings in shares of Pacific Biosciences of California by 24.5% during the second quarter. Los Angeles Capital Management LLC now owns 27,471 shares of the biotechnology company’s stock worth $121,000 after purchasing an additional 5,410 shares during the last quarter. Nikko Asset Management Americas Inc. grew its holdings in shares of Pacific Biosciences of California by 2.3% during the second quarter. Nikko Asset Management Americas Inc. now owns 14,345,485 shares of the biotechnology company’s stock worth $60,968,000 after purchasing an additional 324,280 shares during the last quarter. Carret Asset Management LLC bought a new stake in shares of Pacific Biosciences of California during the second quarter worth $53,000. Handelsbanken Fonder AB grew its holdings in shares of Pacific Biosciences of California by 22.8% during the second quarter. Handelsbanken Fonder AB now owns 36,100 shares of the biotechnology company’s stock worth $160,000 after purchasing an additional 6,700 shares during the last quarter. Finally, Jennison Associates LLC grew its holdings in shares of Pacific Biosciences of California by 86.3% during the second quarter. Jennison Associates LLC now owns 153,165 shares of the biotechnology company’s stock worth $677,000 after purchasing an additional 70,949 shares during the last quarter. 96.72% of the stock is currently owned by institutional investors and hedge funds.

About Pacific Biosciences of California

(Get Rating)

Pacific Biosciences of California, Inc designs, develops, and manufactures sequencing systems to resolve genetically complex problems. The company provides PacBio's Systems, which conduct, monitor, and analyse biochemical sequencing reactions; consumable products, including single molecule real-time (SMRT) cells; and various reagent kits designed for specific workflow, such as template preparation kit to convert DNA into SMRTbell double-stranded DNA library formats, including molecular biology reagents, such as ligase, buffers, and exonucleases.

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