Pacific Biosciences of California (NASDAQ:PACB) Price Target Raised to $2.50

Pacific Biosciences of California (NASDAQ:PACB) had its price target increased by Piper Sandler from $2.00 to $2.50 in a report released on Monday,Benzinga reports. They currently have a neutral rating on the biotechnology company’s stock.

A number of other research firms also recently issued reports on PACB. Cantor Fitzgerald reiterated an “overweight” rating and set a $3.50 price target on shares of Pacific Biosciences of California in a research report on Thursday, August 8th. Scotiabank decreased their target price on Pacific Biosciences of California from $8.00 to $7.00 and set a “sector outperform” rating on the stock in a research report on Wednesday, August 28th. Morgan Stanley dropped their price target 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. Canaccord Genuity Group decreased their price objective on shares of 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. Finally, StockNews.com upgraded shares of Pacific Biosciences of California to a “sell” rating in a report on Tuesday, August 13th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, Pacific Biosciences of California presently has a consensus rating of “Hold” and a consensus price target of $3.63.

Pacific Biosciences of California Stock Down 10.2 %

Pacific Biosciences of California stock opened at $1.98 on Monday. The stock’s 50 day moving average price is $1.91 and its 200 day moving average price is $1.77. Pacific Biosciences of California has a 1-year low of $1.16 and a 1-year high of $10.65. The company has a market cap of $539.61 million, a PE ratio of -1.36 and a beta of 2.01. The company has a debt-to-equity ratio of 1.81, a current ratio of 8.01 and a quick ratio of 7.14.

Insider Activity

In related news, insider Jeff Eidel sold 26,760 shares of the stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $1.59, for a total transaction of $42,548.40. Following the transaction, the insider now directly owns 869,730 shares in the company, valued at approximately $1,382,870.70. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, insider Oene Mark Van sold 38,011 shares of the business’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $1.66, for a total value of $63,098.26. Following the completion of the sale, the insider now directly owns 1,630,815 shares in the company, valued at approximately $2,707,152.90. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jeff Eidel sold 26,760 shares of the stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $1.59, for a total transaction of $42,548.40. Following the transaction, the insider now directly owns 869,730 shares in the company, valued at approximately $1,382,870.70. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 2.40% of the company’s stock.

Institutional Trading of Pacific Biosciences of California

A number of institutional investors and hedge funds have recently made changes to their positions in PACB. Water Island Capital LLC grew its position in Pacific Biosciences of California by 91.1% during the second quarter. Water Island Capital LLC now owns 20,000 shares of the biotechnology company’s stock valued at $27,000 after acquiring an additional 9,537 shares during the period. Simplicity Wealth LLC purchased a new position in Pacific Biosciences of California in the second quarter valued at approximately $29,000. Headlands Technologies LLC acquired a new position in Pacific Biosciences of California during the first quarter valued at approximately $32,000. Impact Partnership Wealth LLC purchased a new stake in Pacific Biosciences of California during the second quarter worth approximately $37,000. Finally, Atria Investments Inc raised its stake in shares of Pacific Biosciences of California by 85.7% in the 3rd quarter. Atria Investments Inc now owns 21,968 shares of the biotechnology company’s stock valued at $37,000 after acquiring an additional 10,138 shares during the period.

Pacific Biosciences of California Company Profile

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.