Morgan Stanley Trims Pacific Biosciences of California (NASDAQ:PACB) Target Price to $2.00

Pacific Biosciences of California (NASDAQ:PACB) had its price target cut by Morgan Stanley from $4.00 to $2.00 in a research note issued to investors on Monday morning, Benzinga reports. They currently have an equal weight rating on the biotechnology company’s stock.

Several other equities research analysts have also commented on the stock. StockNews.com upgraded shares of Pacific Biosciences of California to a sell rating in a research report on Wednesday, June 26th. Cantor Fitzgerald reaffirmed an overweight rating and set a $3.50 price target on shares of Pacific Biosciences of California in a research note on Thursday, August 8th. JPMorgan Chase & Co. downgraded Pacific Biosciences of California from an overweight rating to a neutral rating in a research note on Monday, April 22nd. TD Cowen cut their price target on Pacific Biosciences of California from $12.00 to $2.50 and set a buy rating for the company in a research note on Wednesday, April 17th. Finally, Jefferies Financial Group initiated coverage on Pacific Biosciences of California in a research note on Monday, June 3rd. They set a buy rating and a $4.00 price target for the company. One analyst has rated the stock with a sell rating, seven have issued a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of Hold and an average price target of $4.58.

Pacific Biosciences of California Price Performance

Shares of NASDAQ PACB opened at $1.35 on Monday. The firm has a market capitalization of $367.69 million, a P/E ratio of -1.18 and a beta of 2.05. Pacific Biosciences of California has a one year low of $1.16 and a one year high of $11.96. The company’s fifty day moving average is $1.65 and its two-hundred day moving average is $2.92. The company has a debt-to-equity ratio of 1.38, a quick ratio of 8.36 and a current ratio of 9.28.

Institutional Trading of Pacific Biosciences of California

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. BNP Paribas Financial Markets grew its holdings in Pacific Biosciences of California by 0.5% in the 4th quarter. BNP Paribas Financial Markets now owns 582,974 shares of the biotechnology company’s stock valued at $5,719,000 after buying an additional 2,832 shares during the period. Axxcess Wealth Management LLC grew its holdings in Pacific Biosciences of California by 19.2% in the 4th quarter. Axxcess Wealth Management LLC now owns 21,793 shares of the biotechnology company’s stock valued at $214,000 after buying an additional 3,513 shares during the period. Carret Asset Management LLC grew its holdings in Pacific Biosciences of California by 23.5% in the 4th quarter. Carret Asset Management LLC now owns 21,000 shares of the biotechnology company’s stock valued at $206,000 after buying an additional 4,000 shares during the period. Clear Harbor Asset Management LLC grew its holdings in Pacific Biosciences of California by 4.4% in the 2nd quarter. Clear Harbor Asset Management LLC now owns 119,936 shares of the biotechnology company’s stock valued at $164,000 after buying an additional 5,000 shares during the period. Finally, Swiss National Bank grew its holdings in Pacific Biosciences of California by 1.3% in the 1st quarter. Swiss National Bank now owns 475,246 shares of the biotechnology company’s stock valued at $1,782,000 after buying an additional 6,200 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.