Cantor Fitzgerald Reaffirms “Overweight” Rating for Pacific Biosciences of California (NASDAQ:PACB)

Cantor Fitzgerald reiterated their overweight rating on shares of Pacific Biosciences of California (NASDAQ:PACB) in a research report released on Thursday, Benzinga reports. Cantor Fitzgerald currently has a $3.50 price target on the biotechnology company’s stock.

PACB has been the subject of a number of other reports. The Goldman Sachs Group lowered shares of Pacific Biosciences of California from a buy rating to a neutral rating and reduced their price target for the stock from $7.00 to $2.50 in a research note on Thursday, April 18th. Jefferies Financial Group started coverage on shares of Pacific Biosciences of California in a research report on Monday, June 3rd. They issued a buy rating and a $4.00 target price for the company. StockNews.com raised Pacific Biosciences of California to a sell rating in a report on Wednesday, June 26th. Piper Sandler cut their price objective on Pacific Biosciences of California from $6.50 to $2.00 and set a neutral rating for the company in a report on Monday, May 13th. Finally, TD Cowen lowered their target price on Pacific Biosciences of California from $12.00 to $2.50 and set a buy rating on the stock in a report on Wednesday, April 17th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and eight have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of Hold and an average price target of $4.75.

Pacific Biosciences of California Stock Down 4.8 %

Shares of NASDAQ PACB traded down $0.08 during trading on Thursday, reaching $1.59. The company had a trading volume of 4,184,891 shares, compared to its average volume of 9,901,682. The business’s 50-day moving average is $1.68 and its 200 day moving average is $3.06. The company has a quick ratio of 8.36, a current ratio of 9.28 and a debt-to-equity ratio of 1.38. The stock has a market cap of $433.05 million, a PE ratio of -1.39 and a beta of 2.05. Pacific Biosciences of California has a 12-month low of $1.16 and a 12-month high of $12.23.

Pacific Biosciences of California (NASDAQ:PACB) last released its quarterly earnings data on Thursday, May 9th. The biotechnology company reported ($0.26) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.26). Pacific Biosciences of California had a negative net margin of 148.13% and a negative return on equity of 40.26%. The business had revenue of $38.81 million during the quarter, compared to analyst estimates of $38.78 million. As a group, equities analysts forecast that Pacific Biosciences of California will post -0.91 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Pacific Biosciences of California

Institutional investors have recently made changes to their positions in the company. Federated Hermes Inc. purchased a new position in shares of Pacific Biosciences of California during the second quarter valued at approximately $612,000. Daiwa Securities Group Inc. lifted its stake in shares of Pacific Biosciences of California by 4.2% during the 2nd quarter. Daiwa Securities Group Inc. now owns 235,308 shares of the biotechnology company’s stock worth $322,000 after acquiring an additional 9,516 shares during the last quarter. Koss Olinger Consulting LLC purchased a new position in Pacific Biosciences of California during the 2nd quarter valued at $1,096,000. Impact Partnership Wealth LLC bought a new position in Pacific Biosciences of California in the 2nd quarter valued at $37,000. Finally, Rhumbline Advisers increased its stake in Pacific Biosciences of California by 13.4% in the second quarter. Rhumbline Advisers now owns 436,868 shares of the biotechnology company’s stock worth $598,000 after purchasing an additional 51,727 shares during the period.

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.