Pacific Biosciences of California (NASDAQ:PACB) Upgraded at StockNews.com

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

PACB has been the subject of several other research reports. Piper Sandler lifted their price target on Pacific Biosciences of California from $2.00 to $2.50 and gave the company a “neutral” rating in a research note on Monday. Canaccord Genuity Group cut their price target on shares of 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. Morgan Stanley dropped their target price on shares of Pacific Biosciences of California from $4.00 to $2.00 and set an “equal weight” rating on the stock in a research report on Monday, August 12th. Cantor Fitzgerald restated an “overweight” rating and set a $3.50 price target on shares of Pacific Biosciences of California in a research report on Thursday, August 8th. Finally, UBS Group cut Pacific Biosciences of California from a “buy” rating to a “neutral” rating and set a $2.00 price objective on the stock. in a report on Monday. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $3.63.

Pacific Biosciences of California Stock Performance

Shares of PACB traded down $0.17 during trading hours on Tuesday, hitting $1.69. The stock had a trading volume of 6,548,601 shares, compared to its average volume of 9,573,880. The firm has a market capitalization of $461.46 million, a price-to-earnings ratio of -1.18 and a beta of 2.01. The company has a debt-to-equity ratio of 1.81, a quick ratio of 7.14 and a current ratio of 8.01. The firm has a 50-day moving average price of $1.92 and a 200 day moving average price of $1.77. Pacific Biosciences of California has a fifty-two week low of $1.16 and a fifty-two week high of $10.65.

Insider Buying and Selling

In other Pacific Biosciences of California news, insider Jeff Eidel sold 26,760 shares of the company’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $1.59, for a total value of $42,548.40. Following the transaction, the insider now owns 869,730 shares of the company’s stock, valued at $1,382,870.70. This represents a 2.98 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 2.40% of the stock is owned by company insiders.

Institutional Trading of Pacific Biosciences of California

Institutional investors have recently added to or reduced their stakes in the stock. Water Island Capital LLC grew its stake in shares of Pacific Biosciences of California by 91.1% in the second 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 in the last quarter. Simplicity Wealth LLC acquired a new stake in shares of Pacific Biosciences of California during the second quarter worth about $29,000. Atom Investors LP acquired a new position in shares of Pacific Biosciences of California in the third quarter valued at approximately $30,000. Headlands Technologies LLC purchased a new stake in Pacific Biosciences of California during the 1st quarter worth approximately $32,000. Finally, Impact Partnership Wealth LLC acquired a new stake in shares of Pacific Biosciences of California in the second quarter valued at $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.