Top 10 Small-Cap Stocks with Highest Upside Potential

2. Pacific Biosciences of California, Inc (NASDAQ:PACB)

Upside potential as of June 15th, 2024: 262.50%

Market Cap: $479.35 million

Next on the list of small-cap stocks to buy, is the MenloPark-based Pacific Biosciences of California, Inc (NASDAQ:PACB), which designs, develops, and manufactures sequencing solutions to genetically complex problems. The company serves academic and governmental research institutes, providing them with sequencing solutions, consumable products (SMRT technology), various reagent kits, and binding kits (modified DNA Polymerase).

The Bioscience company reported a revenue of $200.52 million at the end of 2023, showing an increase of 56.29% from the $128.3 million reported in the previous year. Meanwhile reporting a gross profit of $52.78 million at the end of 2023. Pacific Biosciences is implementing to ease client’s upfront equipment requirements. This strategy has already generated funnel opportunities expected to close in the present year. Moreover, the company is taking serious measures to accelerate growth while driving towards cash flow breakeven.

The 12 Wall Street analysts with 12-month forecasts PACB stock have an average price target of $6.38 with a low estimate of $2 and a high estimate of $15, maintaining a “Buy” rating. This average price target predicts an upside potential of 262.50% from the current stock price of $1.76.

At the end of Q1 of 2024, Pacific Biosciences of California, Inc (NASDAQ:PACB) was held by 27 hedge funds with ARK Investment Management holding the largest stake of 33,290,137 shares valued at a total of $124.83 million.