Pacific Biosciences downgraded to Neutral at Cantor Fitzgerald on valuation

Cantor Fitzgerald analyst Ross Osborn downgraded Pacific Biosciences to Neutral from Overweight with an unchanged price target of $12, citing valuation. Pacific Biosciences launched a new long read and short read sequencing system in October and the stock has rallied 33%, but Osborn believes the new offerings are now baked into the company’s valuation, the analyst tells investors in a research note.