Pacific Biosciences of California (NASDAQ:PACB) Price Target Lowered to $6.00 at Scotiabank

Pacific Biosciences of California (NASDAQ:PACB) had its price objective decreased by Scotiabank from $7.00 to $6.00 in a research report released on Monday,Benzinga reports. Scotiabank currently has a sector outperform rating on the biotechnology company’s stock.

PACB has been the topic of a number of other reports. 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 report on Monday, August 12th. Canaccord Genuity Group lowered their target price on Pacific Biosciences of California from $3.50 to $3.00 and set a “buy” rating for the company in a report on Thursday, August 8th. Piper Sandler increased their price objective on Pacific Biosciences of California from $2.00 to $2.50 and gave the company a “neutral” rating in a report on Monday. UBS Group downgraded Pacific Biosciences of California from a “buy” rating to a “neutral” rating and set a $2.00 target price on the stock. in a research report on Monday. Finally, StockNews.com upgraded shares of Pacific Biosciences of California to a “sell” rating in a research note on Tuesday, August 13th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $3.63.

Pacific Biosciences of California Stock Up 5.3 %

PACB stock opened at $2.59 on Monday. The business’s 50-day moving average is $1.88 and its two-hundred day moving average is $1.76. The company has a market cap of $705.85 million, a price-to-earnings ratio of -1.68 and a beta of 2.01. Pacific Biosciences of California has a fifty-two week low of $1.16 and a fifty-two week high of $10.65. The company has a debt-to-equity ratio of 1.81, a quick ratio of 7.14 and a current ratio of 8.01.

Insiders Place Their Bets

In other Pacific Biosciences of California news, insider Oene Mark Van sold 38,011 shares of Pacific Biosciences of California stock in a transaction dated Friday, August 16th. The stock was 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 owns 1,630,815 shares in the company, valued at $2,707,152.90. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, insider Oene Mark Van sold 38,011 shares of the company’s 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 in the company, valued at $2,707,152.90. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Jeff Eidel sold 26,760 shares of the business’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $1.59, for a total value of $42,548.40. Following the sale, the insider now directly owns 869,730 shares of the company’s stock, valued at approximately $1,382,870.70. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 2.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Pacific Biosciences of California

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Water Island Capital LLC lifted its position in shares of 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 worth $27,000 after purchasing an additional 9,537 shares during the last quarter. Simplicity Wealth LLC acquired a new stake in shares of Pacific Biosciences of California during the second quarter worth $29,000. Headlands Technologies LLC bought a new position in shares of Pacific Biosciences of California during the first quarter valued at approximately $32,000. Impact Partnership Wealth LLC acquired a new position in shares of Pacific Biosciences of California during the second quarter valued at $37,000. Finally, Atria Investments Inc boosted its position in shares of Pacific Biosciences of California by 85.7% during the third quarter. Atria Investments Inc now owns 21,968 shares of the biotechnology company’s stock worth $37,000 after buying an additional 10,138 shares during the period.

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.