Pacific Biosciences of California (NASDAQ:PACB) Given New $2.00 Price Target at Morgan Stanley

Pacific Biosciences of California (NASDAQ:PACB) had its price target reduced by equities research analysts at Morgan Stanley from $4.00 to $2.00 in a research report issued on Monday, Benzinga reports. The firm currently has an “equal weight” rating on the biotechnology company’s stock. Morgan Stanley’s target price points to a potential upside of 38.89% from the company’s current price.

Other equities research analysts also recently issued research reports about the stock. Barclays decreased their price target on shares of Pacific Biosciences of California from $3.00 to $2.00 and set an “equal weight” rating on the stock in a research note on Friday, May 10th. StockNews.com raised Pacific Biosciences of California to a “sell” rating in a research note on Wednesday, June 26th. Jefferies Financial Group initiated coverage on Pacific Biosciences of California in a research report on Monday, June 3rd. They issued a “buy” rating and a $4.00 price objective on the stock. TD Cowen decreased their target price on Pacific Biosciences of California from $12.00 to $2.50 and set a “buy” rating for the company in a research report on Wednesday, April 17th. Finally, Sanford C. Bernstein cut their price target on shares of Pacific Biosciences of California from $9.00 to $2.50 and set an “outperform” rating on the stock in a report on Thursday, April 18th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $4.58.

Pacific Biosciences of California Price Performance

PACB stock traded down $0.15 during trading on Monday, reaching $1.44. The company’s stock had a trading volume of 4,615,105 shares, compared to its average volume of 9,866,729. 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 company’s fifty day moving average is $1.68 and its 200-day moving average is $3.01. The company has a market capitalization of $392.20 million, a P/E ratio of -1.28 and a beta of 2.05. Pacific Biosciences of California has a 1 year low of $1.16 and a 1 year high of $11.96.

Pacific Biosciences of California (NASDAQ:PACB) last posted its quarterly earnings results on Thursday, May 9th. The biotechnology company reported ($0.26) EPS for the quarter, hitting analysts’ consensus estimates of ($0.26). Pacific Biosciences of California had a negative return on equity of 40.26% and a negative net margin of 148.13%. The company had revenue of $38.81 million for the quarter, compared to analysts’ expectations of $38.78 million. On average, research analysts expect that Pacific Biosciences of California will post -0.91 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Pacific Biosciences of California

Institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its holdings in shares of Pacific Biosciences of California by 15.1% in the fourth quarter. Vanguard Group Inc. now owns 26,789,552 shares of the biotechnology company’s stock valued at $262,806,000 after purchasing an additional 3,514,792 shares during the period. Edmond DE Rothschild Holding S.A. grew its stake in shares of Pacific Biosciences of California by 955.5% in the 1st quarter. Edmond DE Rothschild Holding S.A. now owns 10,507,287 shares of the biotechnology company’s stock valued at $39,402,000 after buying an additional 9,511,787 shares during the period. Jackson Square Partners LLC increased its holdings in shares of Pacific Biosciences of California by 40.0% during the 4th quarter. Jackson Square Partners LLC now owns 9,704,766 shares of the biotechnology company’s stock worth $95,204,000 after buying an additional 2,770,901 shares during the last quarter. Bellevue Group AG raised its position in shares of Pacific Biosciences of California by 1.0% during the 4th quarter. Bellevue Group AG now owns 7,317,128 shares of the biotechnology company’s stock valued at $71,781,000 after buying an additional 71,940 shares during the period. Finally, Decheng Capital LLC acquired a new position in Pacific Biosciences of California in the fourth quarter valued at approximately $28,845,000.

Pacific Biosciences of California Company Profile

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.