The Goldman Sachs Group Issues Pessimistic Forecast for Pacific Biosciences of California (NASDAQ:PACB) Stock Price

Pacific Biosciences of California (NASDAQ:PACB) had its target price decreased by The Goldman Sachs Group from $2.25 to $1.75 in a report released on Thursday morning,Benzinga reports. The Goldman Sachs Group currently has a neutral rating on the biotechnology company’s stock.

PACB has been the subject of several other research reports. UBS Group downgraded Pacific Biosciences of California from a “buy” rating to a “neutral” rating and set a $2.00 target price for the company. in a research note on Monday, November 11th. Scotiabank reduced their price objective on Pacific Biosciences of California from $7.00 to $6.00 and set a “sector outperform” rating for the company in a research report on Monday, November 11th. Piper Sandler raised their price objective on shares of Pacific Biosciences of California from $2.00 to $2.50 and gave the stock a “neutral” rating in a research note on Monday, November 11th. Finally, StockNews.com upgraded shares of Pacific Biosciences of California to a “sell” rating in a research note on Thursday, January 9th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $2.89.

Pacific Biosciences of California Price Performance

NASDAQ PACB opened at $1.65 on Thursday. The company has a debt-to-equity ratio of 1.97, a current ratio of 9.74 and a quick ratio of 8.64. The company has a 50 day simple moving average of $1.89 and a 200-day simple moving average of $1.82. Pacific Biosciences of California has a 52-week low of $1.16 and a 52-week high of $7.50.

Insider Buying and Selling at Pacific Biosciences of California

In other news, insider Oene Mark Van sold 34,405 shares of the business’s stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $2.03, for a total value of $69,842.15. Following the sale, the insider now directly owns 1,597,454 shares in the company, valued at $3,242,831.62. The trade was a 2.11 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 2.40% of the company’s stock.

Institutional Investors Weigh In On Pacific Biosciences of California

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Water Island Capital LLC grew its stake in shares of Pacific Biosciences of California by 91.1% during the 2nd quarter. Water Island Capital LLC now owns 20,000 shares of the biotechnology company’s stock worth $27,000 after acquiring an additional 9,537 shares in the last quarter. PCA Investment Advisory Services Inc. boosted its holdings in Pacific Biosciences of California by 50.0% during the fourth quarter. PCA Investment Advisory Services Inc. now owns 15,000 shares of the biotechnology company’s stock worth $27,000 after purchasing an additional 5,000 shares during the last quarter. Atom Investors LP bought a new position in Pacific Biosciences of California in the third quarter valued at $30,000. Atria Investments Inc increased its stake in 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 buying an additional 10,138 shares during the last quarter. Finally, Centiva Capital LP bought a new stake in Pacific Biosciences of California during the 3rd quarter worth about $40,000.

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.