Pacific Biosciences of California (NASDAQ:PACB) Trading Up 5.3% After Analyst Upgrade

Pacific Biosciences of California, Inc. (NASDAQ:PACB) traded up 5.3% during trading on Tuesday after StockNews.com upgraded the stock to a sell rating. The company traded as high as $2.66 and last traded at $2.59. 3,506,621 shares were traded during trading, a decline of 63% from the average session volume of 9,523,271 shares. The stock had previously closed at $2.46.

A number of other research firms have also recently weighed in on PACB. Scotiabank reduced their price objective on shares of 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. UBS Group downgraded shares of Pacific Biosciences of California from a “buy” rating to a “neutral” rating and set a $2.00 price target on the stock. in a research note on Monday. Cantor Fitzgerald reiterated an “overweight” rating and issued a $3.50 price objective on shares of Pacific Biosciences of California in a report on Thursday, August 8th. Piper Sandler boosted their price objective on Pacific Biosciences of California from $2.00 to $2.50 and gave the stock a “neutral” rating in a research note on Monday. Finally, Morgan Stanley decreased their price objective on 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. 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 stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $3.63.

Insider Activity

In related 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 value of $63,098.26. Following the completion of the transaction, the insider now directly owns 1,630,815 shares in the company, valued at approximately $2,707,152.90. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, insider Oene Mark Van sold 38,011 shares of the company’s stock in a transaction on 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 sale, the insider now directly owns 1,630,815 shares of the company’s stock, valued at approximately $2,707,152.90. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 value of $42,548.40. Following the transaction, the insider now directly owns 869,730 shares in the company, valued at $1,382,870.70. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.40% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Squarepoint Ops LLC acquired a new position in Pacific Biosciences of California during the 2nd quarter valued at approximately $719,000. Quantbot Technologies LP grew its holdings in shares of Pacific Biosciences of California by 330.4% during the first quarter. Quantbot Technologies LP now owns 88,834 shares of the biotechnology company’s stock valued at $333,000 after buying an additional 68,195 shares in the last quarter. Assenagon Asset Management S.A. acquired a new position in Pacific Biosciences of California during the second quarter valued at $1,775,000. Cetera Advisors LLC purchased a new stake in Pacific Biosciences of California in the 1st quarter worth approximately $98,000. Finally, Marshall Wace LLP grew its stake in Pacific Biosciences of California by 226.6% in the second quarter. Marshall Wace LLP now owns 1,611,300 shares of the biotechnology company’s stock valued at $2,207,000 after purchasing an additional 1,117,966 shares in the last quarter.

Pacific Biosciences of California Price Performance

The company has a quick ratio of 7.14, a current ratio of 8.01 and a debt-to-equity ratio of 1.81. The company has a market capitalization of $600.93 million, a P/E ratio of -1.51 and a beta of 2.01. The company’s 50-day simple moving average is $1.89 and its 200 day simple 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.