Cowen started coverage on shares of Pacific Biosciences of California (NASDAQ:PACB) in a research report sent to investors on Friday, October 19th, Marketbeat.com reports. The brokerage issued an outperform rating and a $6.50 price target on the biotechnology company’s stock.
Several other equities research analysts also recently commented on PACB. BidaskClub raised shares of Pacific Biosciences of California from a buy rating to a strong-buy rating in a research note on Saturday, June 23rd. Piper Jaffray Companies reaffirmed a hold rating and issued a $3.80 target price on shares of Pacific Biosciences of California in a research note on Friday, August 3rd. Zacks Investment Research upgraded shares of Pacific Biosciences of California from a hold rating to a buy rating and set a $4.25 price target for the company in a report on Tuesday, July 24th. Finally, Cantor Fitzgerald began coverage on shares of Pacific Biosciences of California in a report on Wednesday, August 8th. They issued an overweight rating and a $5.00 price target for the company. Three investment analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of Buy and a consensus price target of $5.64.
Shares of NASDAQ PACB traded up $0.01 during trading on Friday, reaching $7.65. The company had a trading volume of 3,472,800 shares, compared to its average volume of 1,693,782. The company has a current ratio of 6.65, a quick ratio of 5.74 and a debt-to-equity ratio of 0.11. The company has a market cap of $1.15 billion, a PE ratio of -8.79 and a beta of 2.45. Pacific Biosciences of California has a 52 week low of $2.02 and a 52 week high of $7.84.
Pacific Biosciences of California (NASDAQ:PACB) last posted its quarterly earnings results on Thursday, November 1st. The biotechnology company reported ($0.19) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.15) by ($0.04). The business had revenue of $18.16 million for the quarter, compared to the consensus estimate of $22.39 million. Pacific Biosciences of California had a negative return on equity of 91.12% and a negative net margin of 110.10%. The company’s quarterly revenue was down 22.9% on a year-over-year basis. During the same period last year, the firm earned ($0.19) earnings per share. As a group, equities research analysts forecast that Pacific Biosciences of California will post -0.67 earnings per share for the current year.
Institutional investors have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. boosted its holdings in Pacific Biosciences of California by 48.8% during the third quarter. JPMorgan Chase & Co. now owns 36,801 shares of the biotechnology company’s stock worth $199,000 after purchasing an additional 12,061 shares during the last quarter. Rhumbline Advisers boosted its holdings in Pacific Biosciences of California by 17.0% during the second quarter. Rhumbline Advisers now owns 116,960 shares of the biotechnology company’s stock worth $415,000 after purchasing an additional 17,005 shares during the last quarter. Tower Research Capital LLC TRC acquired a new position in Pacific Biosciences of California during the third quarter worth $107,000. Swiss National Bank boosted its holdings in Pacific Biosciences of California by 17.3% during the third quarter. Swiss National Bank now owns 224,246 shares of the biotechnology company’s stock worth $1,213,000 after purchasing an additional 33,000 shares during the last quarter. Finally, Virtu Financial LLC acquired a new position in Pacific Biosciences of California during the third quarter worth $212,000. Institutional investors own 62.68% of the company’s stock.
About Pacific Biosciences of California
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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