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

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

Several other research analysts have also issued reports on the company. StockNews.com upgraded Pacific Biosciences of California to a “sell” rating in a research report on Tuesday, August 13th. Piper Sandler upped their price objective on Pacific Biosciences of California from $2.00 to $2.50 and gave the company a “neutral” rating in a research report on Monday. Morgan Stanley reduced their target price on 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. Canaccord Genuity Group lowered their target price on shares of Pacific Biosciences of California from $3.50 to $3.00 and set a “buy” rating for the company in a research note on Thursday, August 8th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $3.50 price target on shares of Pacific Biosciences of California in a research note on Thursday, August 8th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, Pacific Biosciences of California presently has a consensus rating of “Hold” and an average price target of $3.63.

Pacific Biosciences of California Price Performance

Pacific Biosciences of California stock opened at $1.86 on Monday. Pacific Biosciences of California has a 12-month low of $1.16 and a 12-month high of $10.65. 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 has a 50-day moving average price of $1.92 and a 200-day moving average price of $1.77. The firm has a market capitalization of $505.54 million, a PE ratio of -1.27 and a beta of 2.01.

Insider Activity

In related news, insider Jeff Eidel sold 26,760 shares of the firm’s stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $1.59, for a total transaction of $42,548.40. Following the sale, the insider now owns 869,730 shares of the company’s stock, valued at $1,382,870.70. This trade represents a 2.98 % 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. Company insiders own 2.40% of the company’s stock.

Institutional Trading of Pacific Biosciences of California

Institutional investors have recently modified their holdings of the company. Water Island Capital LLC lifted its position in 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 valued at $27,000 after acquiring an additional 9,537 shares during the last quarter. Simplicity Wealth LLC acquired a new stake in shares of Pacific Biosciences of California in the 2nd quarter worth $29,000. Headlands Technologies LLC purchased a new position in Pacific Biosciences of California during the 1st quarter worth $32,000. Impact Partnership Wealth LLC purchased a new position in Pacific Biosciences of California during the 2nd quarter worth $37,000. Finally, Atria Investments Inc increased its position in Pacific Biosciences of California by 85.7% during 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 in the last quarter.

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.