Scotiabank Trims Pacific Biosciences of California (NASDAQ:PACB) Target Price to $7.00

Pacific Biosciences of California (NASDAQ:PACB - Get Free Report) had its target price decreased by analysts at Scotiabank from $8.00 to $7.00 in a research note issued on Wednesday, Benzinga reports. The firm currently has a "sector outperform" rating on the biotechnology company's stock. Scotiabank's price target points to a potential upside of 418.52% from the company's previous close.

A number of other research firms also recently weighed in on PACB. Jefferies Financial Group assumed coverage on Pacific Biosciences of California in a report on Monday, June 3rd. They issued a "buy" rating and a $4.00 price objective for the company. Barclays lowered their price objective on Pacific Biosciences of California from $3.00 to $2.00 and set an "equal weight" rating for the company in a research report on Friday, May 10th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $3.50 target price on shares of Pacific Biosciences of California in a report on Thursday, August 8th. Canaccord Genuity Group lowered 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. Finally, Piper Sandler reduced their price objective on shares of Pacific Biosciences of California from $6.50 to $2.00 and set a "neutral" rating on the stock in a research note on Monday, May 13th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $4.50.

Pacific Biosciences of California Trading Down 8.2 %

PACB traded down $0.12 during trading on Wednesday, reaching $1.35. 10,003,098 shares of the company's stock were exchanged, compared to its average volume of 9,671,129. The firm has a fifty day moving average price of $1.60 and a two-hundred day moving average price of $2.56. The stock has a market capitalization of $367.68 million, a PE ratio of -1.23 and a beta of 2.05. Pacific Biosciences of California has a one year low of $1.16 and a one year high of $11.96. The company has a current ratio of 8.01, a quick ratio of 7.14 and a debt-to-equity ratio of 1.81.

Insider Buying and Selling

In other Pacific Biosciences of California news, insider Jeff Eidel sold 26,760 shares of the firm'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 completion of the sale, the insider now owns 869,730 shares of the company's stock, valued at $1,382,870.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Oene Mark Van sold 38,011 shares of the business's 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 directly owns 1,630,815 shares of the company's stock, valued at $2,707,152.90. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Jeff Eidel sold 26,760 shares of the firm's stock in a transaction dated 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 in the company, valued at approximately $1,382,870.70. The disclosure for this sale can be found here. 1.90% of the stock is owned by company insiders.

Institutional Trading of Pacific Biosciences of California

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Edmond DE Rothschild Holding S.A. boosted its position in shares of Pacific Biosciences of California by 955.5% during the first quarter. Edmond DE Rothschild Holding S.A. now owns 10,507,287 shares of the biotechnology company's stock valued at $39,402,000 after buying an additional 9,511,787 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Pacific Biosciences of California by 15.1% in the 4th quarter. Vanguard Group Inc. now owns 26,789,552 shares of the biotechnology company's stock worth $262,806,000 after acquiring an additional 3,514,792 shares in the last quarter. Decheng Capital LLC purchased a new stake in shares of Pacific Biosciences of California in the fourth quarter valued at about $28,845,000. Jackson Square Partners LLC lifted its position in shares of Pacific Biosciences of California by 40.0% during the fourth quarter. Jackson Square Partners LLC now owns 9,704,766 shares of the biotechnology company's stock valued at $95,204,000 after purchasing an additional 2,770,901 shares in the last quarter. Finally, Norges Bank purchased a new position in Pacific Biosciences of California during the fourth quarter worth about $13,486,000.

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.