Pacific Biosciences of California (NASDAQ:PACB) Raised to Sell at StockNews.com

StockNews.com upgraded shares of Pacific Biosciences of California (NASDAQ:PACB) to a sell rating in a research note issued to investors on Tuesday.

Several other analysts have also commented on the company. Piper Sandler lifted their price objective on Pacific Biosciences of California from $2.00 to $2.50 and gave the stock a “neutral” rating in a report on Monday, November 11th. Scotiabank cut their target price 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, November 11th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $3.50 price target on shares of Pacific Biosciences of California in a research report on Thursday, August 8th. Canaccord Genuity Group cut their price target 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. Finally, Morgan Stanley dropped their price target on shares of Pacific Biosciences of California from $4.00 to $2.00 and set an “equal weight” rating for the company in a research report on Monday, August 12th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have issued a buy rating to the company. According to MarketBeat, Pacific Biosciences of California presently has a consensus rating of “Hold” and a consensus target price of $3.63.

Pacific Biosciences of California Price Performance

Shares of Pacific Biosciences of California stock opened at $1.60 on Tuesday. The business’s 50-day moving average price is $1.92 and its 200-day moving average price is $1.77. 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 market capitalization of $436.81 million, a PE ratio of -1.09 and a beta of 2.01. Pacific Biosciences of California has a 12 month low of $1.16 and a 12 month high of $10.65.

Insider Activity at Pacific Biosciences of California

In other Pacific Biosciences of California news, 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 transaction of $42,548.40. Following the sale, the insider now directly owns 869,730 shares of the company’s stock, valued at $1,382,870.70. The trade was a 2.98 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 2.40% of the stock is owned by insiders.

Hedge Funds Weigh In On Pacific Biosciences of California

A number of institutional investors and hedge funds have recently modified their holdings of PACB. Water Island Capital LLC raised its holdings in 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 valued at $27,000 after buying an additional 9,537 shares during the period. Simplicity Wealth LLC purchased a new stake in shares of Pacific Biosciences of California in the second quarter valued at $29,000. Atom Investors LP bought a new stake in shares of Pacific Biosciences of California in the 3rd quarter worth about $30,000. Headlands Technologies LLC purchased a new position in shares of Pacific Biosciences of California during the 1st quarter worth about $32,000. Finally, Impact Partnership Wealth LLC purchased a new position in shares of Pacific Biosciences of California during the 2nd quarter worth about $37,000.

Pacific Biosciences of California Company Profile

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.