Pacific Biosciences of California (NASDAQ:PACB) Upgraded by StockNews.com to Sell Rating

StockNews.com upgraded shares of Pacific Biosciences of California (NASDAQ:PACB) to a sell rating in a research report released on Tuesday.

PACB has been the topic of several other research reports. Morgan Stanley cut their price target on Pacific Biosciences of California from $4.00 to $2.00 and set an “equal weight” rating on the stock in a research note on Monday, August 12th. Piper Sandler raised their target price on shares of Pacific Biosciences of California from $2.00 to $2.50 and gave the company a “neutral” rating in a research report on Monday, November 11th. UBS Group lowered shares of Pacific Biosciences of California from a “buy” rating to a “neutral” rating and set a $2.00 price target for the company. in a report on Monday, November 11th. Scotiabank dropped their price objective on shares of Pacific Biosciences of California from $7.00 to $6.00 and set a “sector outperform” rating on the stock in a research note on Monday, November 11th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $3.50 price objective on shares of Pacific Biosciences of California in a report on Thursday, August 8th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, Pacific Biosciences of California presently has an average rating of “Hold” and a consensus price target of $3.63.

Pacific Biosciences of California Stock Down 14.0 %

NASDAQ:PACB opened at $1.60 on Tuesday. The company has a market cap of $436.81 million, a price-to-earnings ratio of -1.09 and a beta of 2.01. Pacific Biosciences of California has a twelve month low of $1.16 and a twelve month high of $10.65. The company has a current ratio of 8.01, a quick ratio of 7.14 and a debt-to-equity ratio of 1.81. The stock has a fifty day simple moving average of $1.92 and a 200-day simple moving average of $1.77.

Insider Activity

In other Pacific Biosciences of California news, insider Jeff Eidel sold 26,760 shares of the business’s 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 completion of the sale, the insider now directly owns 869,730 shares in the company, valued at approximately $1,382,870.70. The trade was a 2.98 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 2.40% of the company’s stock.

Hedge Funds Weigh In On Pacific Biosciences of California

A number of institutional investors and hedge funds have recently bought and sold shares of the business. ARK Investment Management LLC boosted its stake in Pacific Biosciences of California by 0.6% during the third quarter. ARK Investment Management LLC now owns 33,406,401 shares of the biotechnology company’s stock worth $56,791,000 after buying an additional 193,947 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Pacific Biosciences of California by 3.7% during the 3rd quarter. Geode Capital Management LLC now owns 6,327,906 shares of the biotechnology company’s stock worth $10,759,000 after acquiring an additional 225,034 shares during the period. State Street Corp boosted its position in shares of Pacific Biosciences of California by 5.7% during the 3rd quarter. State Street Corp now owns 6,276,156 shares of the biotechnology company’s stock valued at $10,669,000 after acquiring an additional 340,766 shares during the last quarter. Soros Fund Management LLC grew its holdings in shares of Pacific Biosciences of California by 23.6% in the third quarter. Soros Fund Management LLC now owns 2,098,000 shares of the biotechnology company’s stock valued at $3,567,000 after purchasing an additional 400,000 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of Pacific Biosciences of California by 4.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,040,303 shares of the biotechnology company’s stock valued at $3,469,000 after purchasing an additional 82,807 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.