Pacific Biosciences of California (NASDAQ:PACB) Trading 5.3% Higher on Analyst Upgrade

Shares of Pacific Biosciences of California, Inc. (NASDAQ:PACB) traded up 5.3% during trading on Tuesday after Piper Sandler raised their price target on the stock from $2.00 to $2.50. Piper Sandler currently has a neutral rating on the stock. Pacific Biosciences of California traded as high as $2.66 and last traded at $2.59. 3,506,621 shares traded hands during trading, a decline of 63% from the average session volume of 9,523,271 shares. The stock had previously closed at $2.46.

Several other research firms have also recently issued reports on PACB. StockNews.com upgraded Pacific Biosciences of California to a “sell” rating in a report on Tuesday, August 13th. Scotiabank decreased their price objective on Pacific Biosciences of California from $8.00 to $7.00 and set a “sector outperform” rating on the stock in a report on Wednesday, August 28th. Morgan Stanley reduced their price target on shares of 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. Cantor Fitzgerald reiterated 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. Finally, Canaccord Genuity Group lowered their price objective on Pacific Biosciences of California from $3.50 to $3.00 and set a “buy” rating for the company in a research 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 given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $3.63.

Insider Activity at Pacific Biosciences of California

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

Institutional Trading of Pacific Biosciences of California

Institutional investors have recently bought and sold shares of the company. Clear Harbor Asset Management LLC grew its stake 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 acquiring an additional 5,000 shares during the last quarter. Swiss National Bank lifted its stake 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 in the last quarter. Creative Planning increased its position in Pacific Biosciences of California by 30.8% during the third quarter. Creative Planning now owns 32,409 shares of the biotechnology company’s stock worth $55,000 after buying an additional 7,629 shares in the last quarter. Headlands Technologies LLC purchased a new stake in shares of Pacific Biosciences of California in the first quarter valued at $32,000. Finally, Daiwa Securities Group Inc. increased its position in Pacific Biosciences of California by 4.2% during the 2nd quarter. Daiwa Securities Group Inc. now owns 235,308 shares of the biotechnology company’s stock worth $322,000 after purchasing an additional 9,516 shares in the last quarter.

Pacific Biosciences of California Stock Up 5.3 %

The stock has a market cap of $705.85 million, a price-to-earnings ratio of -1.68 and a beta of 2.01. 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 firm’s 50 day moving average is $1.88 and its two-hundred day moving average is $1.76.

About Pacific Biosciences of California

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.