PACB - Pacific Biosciences stock falls 8% as Cantor Fitzgerald cuts price target

Pacific Biosciences of California (NASDAQ:PACB) stock fell May 5 after  Cantor Fitzgerald cut its price target on the life sciences company to $19 from $23, following Q1 results. Cantor Fitzgerald analyst Ross Osborn kept an Overweight rating on the shares. Q1 revenues grew ~14% Y/Y to $33.17M, beating estimates. However, GAAP EPS of -$0.37 missed analysts' expectations. The analyst said that given Pacific's "superior" long-read offering, strong cash balance and product pipeline that significantly expands the company's TAM (Total Addressable Market), the analyst encourages investors to take advantage of the company's attractive valuation and acquire shares. The chart above shows YTD price-return performance of Pacific Biosciences, and peers Adaptive Biotechnologies, SomaLogic and NeoGenomics.

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Pacific Biosciences stock falls 8% as Cantor Fitzgerald cuts price target