Pacific Biosciences of California (NASDAQ:PACB) Lowered to Neutral at The Goldman Sachs Group

The Goldman Sachs Group lowered shares of Pacific Biosciences of California (NASDAQ:PACB) from a buy rating to a neutral rating in a research report report published on Thursday morning, Marketbeat Ratings reports. The brokerage currently has $2.50 price objective on the biotechnology company’s stock, down from their previous price objective of $7.00.

PACB has been the topic of several other research reports. Barclays reduced their price target on shares of Pacific Biosciences of California from $8.00 to $3.00 and set an equal weight rating on the stock in a research note on Wednesday, April 10th. UBS Group cut their target price on shares of Pacific Biosciences of California from $12.50 to $12.00 and set a buy rating on the stock in a research report on Friday, February 16th. Scotiabank cut their target price on shares of Pacific Biosciences of California from $15.00 to $8.00 and set a sector outperform rating on the stock in a research report on Thursday. TD Cowen cut their target price on shares of Pacific Biosciences of California from $12.00 to $2.50 and set a buy rating on the stock in a research report on Wednesday. Finally, StockNews.com raised shares of Pacific Biosciences of California to a sell rating in a research report on Wednesday. One analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, Pacific Biosciences of California currently has an average rating of Hold and an average target price of $7.77.

Pacific Biosciences of California Stock Performance

PACB stock opened at $1.46 on Thursday. Pacific Biosciences of California has a 12 month low of $1.25 and a 12 month high of $14.55. The firm’s 50-day moving average is $4.25 and its 200 day moving average is $6.65. The company has a quick ratio of 7.21, a current ratio of 7.81 and a debt-to-equity ratio of 1.27.

Pacific Biosciences of California (NASDAQ:PACB) last posted its quarterly earnings results on Thursday, February 15th. The biotechnology company reported ($0.27) EPS for the quarter, topping the consensus estimate of ($0.29) by $0.02. The company had revenue of $58.36 million for the quarter, compared to the consensus estimate of $57.96 million. Pacific Biosciences of California had a negative net margin of 152.97% and a negative return on equity of 40.23%. The firm’s revenue was up 113.3% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.35) EPS. On average, analysts anticipate that Pacific Biosciences of California will post -1.01 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Oene Mark Van sold 33,560 shares of the firm’s stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $5.96, for a total value of $200,017.60. Following the sale, the insider now directly owns 876,611 shares in the company, valued at approximately $5,224,601.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Pacific Biosciences of California news, Director David W. Meline acquired 40,000 shares of the company’s stock in a transaction dated Wednesday, March 6th. The shares were acquired at an average cost of $4.40 per share, with a total value of $176,000.00. Following the acquisition, the director now directly owns 40,000 shares of the company’s stock, valued at $176,000. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Oene Mark Van sold 33,560 shares of the company’s stock in a transaction on Friday, February 16th. The shares were sold at an average price of $5.96, for a total transaction of $200,017.60. Following the completion of the sale, the insider now directly owns 876,611 shares in the company, valued at $5,224,601.56. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 37,359 shares of company stock worth $218,843. Corporate insiders own 1.90% of the company’s stock.

Hedge Funds Weigh In On Pacific Biosciences of California

Several large investors have recently made changes to their positions in PACB. Fairfield Bush & CO. acquired a new position in shares of Pacific Biosciences of California in the 2nd quarter valued at $27,000. Captrust Financial Advisors lifted its stake in shares of Pacific Biosciences of California by 217.2% in the 2nd quarter. Captrust Financial Advisors now owns 6,163 shares of the biotechnology company’s stock valued at $27,000 after purchasing an additional 4,220 shares during the period. Comerica Bank acquired a new position in shares of Pacific Biosciences of California in the 3rd quarter valued at $46,000. KBC Group NV acquired a new position in shares of Pacific Biosciences of California in the 4th quarter valued at $53,000. Finally, Kayne Anderson Rudnick Investment Management LLC acquired a new position in shares of Pacific Biosciences of California in the 3rd quarter valued at $59,000.

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.