Pacific Biosciences of California, Inc. (NASDAQ:PACB) Given Average Rating of “Hold” by Analysts

Shares of Pacific Biosciences of California, Inc. (NASDAQ:PACB) have earned a consensus rating of “Hold” from the fifteen analysts that are currently covering the company, MarketBeat.com reports. Eight analysts have rated the stock with a hold recommendation and seven have issued a buy recommendation on the company. The average 1 year price target among brokerages that have covered the stock in the last year is $3.63.

PACB has been the subject of several recent analyst reports. Morgan Stanley dropped their target price on shares of Pacific Biosciences of California from $4.00 to $2.00 and set an “equal weight” rating for the company in a report on Monday, August 12th. Canaccord Genuity Group cut their target price on Pacific Biosciences of California from $3.50 to $3.00 and set a “buy” rating for the company in a research report on Thursday, August 8th. Cantor Fitzgerald reissued an “overweight” rating and issued a $3.50 price target on shares of Pacific Biosciences of California in a report on Thursday, August 8th. UBS Group lowered shares of Pacific Biosciences of California from a “buy” rating to a “neutral” rating and set a $2.00 price objective for the company. in a report on Monday, November 11th. Finally, StockNews.com raised shares of Pacific Biosciences of California to a “sell” rating in a report on Tuesday, November 12th.

Pacific Biosciences of California Price Performance

Shares of NASDAQ:PACB opened at $1.83 on Wednesday. The company has a market capitalization of $501.16 million, a P/E ratio of -1.25 and a beta of 1.95. Pacific Biosciences of California has a 1-year low of $1.16 and a 1-year high of $10.65. The firm’s 50 day simple moving average is $1.91 and its two-hundred day simple moving average is $1.76. The company has a debt-to-equity ratio of 1.97, a current ratio of 9.74 and a quick ratio of 8.64.

Institutional Investors Weigh In On Pacific Biosciences of California

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PACB. ARK Investment Management LLC boosted its holdings in shares of Pacific Biosciences of California by 0.6% in the 3rd quarter. ARK Investment Management LLC now owns 33,406,401 shares of the biotechnology company’s stock worth $56,791,000 after purchasing an additional 193,947 shares during the period. Geode Capital Management LLC boosted its stake in Pacific Biosciences of California by 3.7% during the third quarter. Geode Capital Management LLC now owns 6,327,906 shares of the biotechnology company’s stock worth $10,759,000 after buying an additional 225,034 shares during the period. State Street Corp increased its position in Pacific Biosciences of California by 5.7% during the third quarter. State Street Corp now owns 6,276,156 shares of the biotechnology company’s stock valued at $10,669,000 after acquiring an additional 340,766 shares during the last quarter. Soros Fund Management LLC increased its position in Pacific Biosciences of California by 23.6% during the third quarter. Soros Fund Management LLC now owns 2,098,000 shares of the biotechnology company’s stock valued at $3,567,000 after acquiring an additional 400,000 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Pacific Biosciences of California by 4.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,040,303 shares of the biotechnology company’s stock valued at $3,469,000 after acquiring an additional 82,807 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.