Pacific Biosciences of California (NASDAQ:PACB) Price Target Cut to $2.00 by Analysts at Scotiabank

Pacific Biosciences of California (NASDAQ:PACB) had its price objective lowered by analysts at Scotiabank from $6.00 to $2.00 in a research note issued on Tuesday,Benzinga reports. The brokerage currently has a “sector outperform” rating on the biotechnology company’s stock. Scotiabank’s price target points to a potential upside of 57.48% from the company’s previous close.

A number of other analysts have also weighed in on the stock. Stephens restated an “overweight” rating and issued a $2.50 target price on shares of Pacific Biosciences of California in a research report on Friday, February 14th. StockNews.com upgraded Pacific Biosciences of California to a “sell” rating in a research report on Tuesday, February 25th. The Goldman Sachs Group lowered their target price on Pacific Biosciences of California from $1.75 to $1.50 and set a “neutral” rating for the company in a report on Tuesday, February 18th. Finally, Piper Sandler reissued a “neutral” rating and set a $2.00 price target (down from $2.50) on shares of Pacific Biosciences of California in a research note on Thursday, February 20th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $2.46.

Pacific Biosciences of California Price Performance

Shares of PACB stock opened at $1.27 on Tuesday. The business has a fifty day simple moving average of $1.49 and a 200 day simple moving average of $1.77. The company has a market cap of $378.27 million, a P/E ratio of -0.77 and a beta of 1.86. The company has a quick ratio of 8.64, a current ratio of 9.74 and a debt-to-equity ratio of 1.97. Pacific Biosciences of California has a twelve month low of $1.16 and a twelve month high of $3.89.

Pacific Biosciences of California (NASDAQ:PACB) last posted its earnings results on Thursday, February 13th. The biotechnology company reported ($0.20) EPS for the quarter, hitting analysts’ consensus estimates of ($0.20). The firm had revenue of $39.22 million during the quarter, compared to analysts’ expectations of $39.20 million. Pacific Biosciences of California had a negative net margin of 200.40% and a negative return on equity of 42.89%. During the same quarter in the prior year, the business earned ($0.27) earnings per share. On average, sell-side analysts forecast that Pacific Biosciences of California will post -0.72 EPS for the current fiscal year.

Insider Transactions at Pacific Biosciences of California

In other Pacific Biosciences of California news, insider Oene Mark Van sold 34,405 shares of the company’s stock in a transaction on Friday, January 10th. The shares were sold at an average price of $2.03, for a total transaction of $69,842.15. Following the sale, the insider now owns 1,597,454 shares of the company’s stock, valued at approximately $3,242,831.62. This represents a 2.11 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Michele Farmer sold 24,349 shares of the stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $1.88, for a total value of $45,776.12. Following the sale, the insider now owns 187,592 shares of the company’s stock, valued at approximately $352,672.96. The trade was a 11.49 % decrease in their ownership of the stock. 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

Institutional investors and hedge funds have recently made changes to their positions in the business. ARK Investment Management LLC increased its holdings in Pacific Biosciences of California by 7.9% in the fourth quarter. ARK Investment Management LLC now owns 36,044,362 shares of the biotechnology company’s stock worth $65,961,000 after purchasing an additional 2,637,961 shares in the last quarter. Edmond DE Rothschild Holding S.A. grew its position in shares of Pacific Biosciences of California by 5.1% during the 4th quarter. Edmond DE Rothschild Holding S.A. now owns 21,346,480 shares of the biotechnology company’s stock worth $39,064,000 after buying an additional 1,038,600 shares during the period. Softbank Group CORP. bought a new stake in shares of Pacific Biosciences of California in the 4th quarter valued at $37,426,000. Millennium Management LLC boosted its stake in Pacific Biosciences of California by 66.9% during the fourth quarter. Millennium Management LLC now owns 17,065,331 shares of the biotechnology company’s stock worth $31,230,000 after acquiring an additional 6,840,953 shares in the last quarter. Finally, Geode Capital Management LLC grew its holdings in Pacific Biosciences of California by 3.7% in the third quarter. Geode Capital Management LLC now owns 6,327,906 shares of the biotechnology company’s stock worth $10,759,000 after purchasing an additional 225,034 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.