In a report released today, Jordan Abrams from Cantor Fitzgerald maintained a Hold rating on Pacific Biosciences (PACB), with a price target of $8. The company’s shares opened today at $7.17, close to its 52-week high of $7.84.
Abrams noted:
“We reaffirm our Neutral rating and think PACB’s long-read next-generation sequencing platform is the industry standard for deep genomic analysis in human, plant, and animal genomes, as well as RNA. The company has had a mixed revenue performance over the past three years, but we think PACB is getting close to an inflection point, which we think the Street is missing. We see the path to revenue acceleration as multifactorial.”
Abrams has an average return of 59.4% when recommending Pacific Biosciences.
According to TipRanks.com, Abrams is ranked #3840 out of 5137 analysts.
The word on The Street in general, suggests a Hold analyst consensus rating for Pacific Biosciences with a $8 average price target.
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Based on Pacific Biosciences’ latest earnings release for the quarter ending September 30, the company reported a quarterly GAAP net loss of $25.04 million. In comparison, last year the company had a GAAP net loss of $20.76 million.
Based on the recent corporate insider activity of 7 insiders, corporate insider sentiment is neutral on the stock. Most recently, in December 2018, Susan Barnes, the EVP, CFO and PAO of PACB bought 316,990 shares for a total of $1,356,129.
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Pacific Biosciences of California, Inc. engages in the research, development, and manufacture of sequencing systems for genetic analysis. It operates through the following geographical segments: North America, Europe, and Asia Pacific (including the Middle East).
