Pacific Biosciences of California (NASDAQ:PACB) Raised to “Hold” at UBS Group

Pacific Biosciences of California (NASDAQ:PACB) was upgraded by analysts at UBS Group to a “hold” rating in a research note issued to investors on Sunday,Zacks.com reports.

Several other research firms also recently issued reports on PACB. Cantor Fitzgerald restated an “overweight” rating and issued a $3.50 price objective on shares of Pacific Biosciences of California in a research note on Thursday, August 8th. Canaccord Genuity Group cut their target price on Pacific Biosciences of California from $3.50 to $3.00 and set a “buy” rating on the stock in a research report on Thursday, August 8th. StockNews.com raised Pacific Biosciences of California to a “sell” rating in a report on Tuesday. Morgan Stanley cut 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 report on Monday, August 12th. Finally, Piper Sandler boosted their price objective on shares of Pacific Biosciences of California from $2.00 to $2.50 and gave the company a “neutral” rating in a research report on Monday. 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. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $3.63.

Pacific Biosciences of California Price Performance

Shares of Pacific Biosciences of California stock opened at $1.98 on Friday. The business’s 50 day simple moving average is $1.91 and its two-hundred day simple moving average is $1.77. The company has a debt-to-equity ratio of 1.81, a current ratio of 8.01 and a quick ratio of 7.14. The stock has a market capitalization of $539.61 million, a P/E ratio of -1.36 and a beta of 2.01. Pacific Biosciences of California has a one year low of $1.16 and a one year high of $10.65.

Insider Buying and Selling at Pacific Biosciences of California

In other news, insider Jeff Eidel sold 26,760 shares of the firm’s stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $1.59, for a total transaction of $42,548.40. Following the completion of the transaction, the insider now directly owns 869,730 shares of the company’s stock, valued at $1,382,870.70. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 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 value of $42,548.40. Following the transaction, the insider now directly owns 869,730 shares of the company’s stock, valued at approximately $1,382,870.70. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Oene Mark Van sold 38,011 shares of the stock in a transaction dated 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 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 disclosure for this sale can be found here. Company insiders own 2.40% of the company’s stock.

Hedge Funds Weigh In On Pacific Biosciences of California

A number of institutional investors and hedge funds have recently modified their holdings of PACB. Clear Harbor Asset Management LLC increased its holdings in Pacific Biosciences of California by 4.4% during the 2nd quarter. Clear Harbor Asset Management LLC now owns 119,936 shares of the biotechnology company’s stock worth $164,000 after purchasing an additional 5,000 shares during the period. Swiss National Bank boosted its holdings in Pacific Biosciences of California by 1.3% in the 1st quarter. Swiss National Bank now owns 475,246 shares of the biotechnology company’s stock worth $1,782,000 after buying an additional 6,200 shares during the last quarter. Creative Planning boosted its position in shares of Pacific Biosciences of California by 30.8% during the 3rd quarter. Creative Planning now owns 32,409 shares of the biotechnology company’s stock valued at $55,000 after acquiring an additional 7,629 shares during the last quarter. Headlands Technologies LLC purchased a new stake in shares of Pacific Biosciences of California in the 1st quarter valued at $32,000. Finally, Daiwa Securities Group Inc. increased its position in shares of Pacific Biosciences of California by 4.2% in the 2nd quarter. Daiwa Securities Group Inc. now owns 235,308 shares of the biotechnology company’s stock valued at $322,000 after purchasing an additional 9,516 shares during the last quarter.

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.