Research Analysts Offer Predictions for PACB FY2024 Earnings

Pacific Biosciences of California, Inc. (NASDAQ:PACB) – Investment analysts at Cantor Fitzgerald reduced their FY2024 earnings per share estimates for shares of Pacific Biosciences of California in a research note issued on Wednesday, November 13th. Cantor Fitzgerald analyst R. Osborn now anticipates that the biotechnology company will post earnings per share of ($1.31) for the year, down from their previous estimate of ($1.27). Cantor Fitzgerald has a “Overweight” rating and a $3.50 price objective on the stock. The consensus estimate for Pacific Biosciences of California’s current full-year earnings is ($0.91) per share.

PACB has been the subject of several other reports. Scotiabank decreased their price objective on shares of Pacific Biosciences of California from $7.00 to $6.00 and set a “sector outperform” rating for the company in a report on Monday, November 11th. 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. Piper Sandler upped their target price on Pacific Biosciences of California from $2.00 to $2.50 and gave the stock a “neutral” rating in a report on Monday, November 11th. Morgan Stanley decreased their target price on Pacific Biosciences of California from $4.00 to $2.00 and set an “equal weight” rating for the company in a research report on Monday, August 12th. Finally, Canaccord Genuity Group dropped their price target on Pacific Biosciences of California from $3.50 to $3.00 and set a “buy” rating on the stock in a research report on Thursday, August 8th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $3.63.

Pacific Biosciences of California Price Performance

Shares of Pacific Biosciences of California stock opened at $1.57 on Monday. The business has a 50 day moving average of $1.91 and a 200 day moving average of $1.77. Pacific Biosciences of California has a 52 week low of $1.16 and a 52 week high of $10.65. The company has a market cap of $429.96 million, a PE ratio of -1.08 and a beta of 2.01. The company has a quick ratio of 7.14, a current ratio of 9.74 and a debt-to-equity ratio of 1.97.

Hedge Funds Weigh In On Pacific Biosciences of California

A number of hedge funds have recently bought and sold shares of PACB. Squarepoint Ops LLC purchased a new position in Pacific Biosciences of California in the second quarter worth about $719,000. Assenagon Asset Management S.A. purchased a new position in Pacific Biosciences of California in the 2nd quarter worth approximately $1,775,000. Cetera Advisors LLC purchased a new position in Pacific Biosciences of California in the 1st quarter worth approximately $98,000. Marshall Wace LLP lifted its position in Pacific Biosciences of California by 226.6% in the 2nd quarter. Marshall Wace LLP now owns 1,611,300 shares of the biotechnology company’s stock valued at $2,207,000 after acquiring an additional 1,117,966 shares in the last quarter. Finally, Federated Hermes Inc. purchased a new stake in Pacific Biosciences of California during the 2nd quarter valued at $612,000.

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.