Pacific Biosciences of California (NASDAQ:PACB) Price Target Raised to $2.50

Pacific Biosciences of California (NASDAQ:PACB - Get Free Report) had its price objective boosted by equities research analysts at Piper Sandler from $2.00 to $2.50 in a note issued to investors on Monday,Benzinga reports. The firm presently has a "neutral" rating on the biotechnology company's stock. Piper Sandler's price target would indicate a potential upside of 5.49% from the company's current price.

Several other analysts also recently weighed in on the company. StockNews.com upgraded Pacific Biosciences of California to a "sell" rating in a research report on Tuesday, August 13th. Scotiabank lowered their price objective on shares of Pacific Biosciences of California from $8.00 to $7.00 and set a "sector outperform" rating for the company in a research report on Wednesday, August 28th. Canaccord Genuity Group reduced their target price on shares of 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. Morgan Stanley lowered their price target on 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, Cantor Fitzgerald restated an "overweight" rating and set a $3.50 price objective on shares of Pacific Biosciences of California in a report on Thursday, August 8th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $4.46.

Pacific Biosciences of California Trading Up 3.0 %

Shares of PACB traded up $0.07 during mid-day trading on Monday, reaching $2.37. 11,295,473 shares of the company's stock traded hands, compared to its average volume of 9,532,654. Pacific Biosciences of California has a 12 month low of $1.16 and a 12 month high of $10.65. 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 cap of $645.89 million, a P/E ratio of -1.60 and a beta of 2.01. The stock's 50-day moving average is $1.85 and its two-hundred day moving average is $1.75.

Insider Buying and Selling

In other Pacific Biosciences of California news, insider Oene Mark Van sold 38,011 shares of the firm's stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $1.66, for a total value of $63,098.26. Following the completion of the sale, the insider now directly owns 1,630,815 shares in the company, valued at $2,707,152.90. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider Oene Mark Van sold 38,011 shares of the firm's stock in a transaction on Friday, August 16th. The stock was sold at an average price of $1.66, for a total value 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 $2,707,152.90. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 directly owns 869,730 shares in the company, valued at $1,382,870.70. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in PACB. ARK Investment Management LLC raised its position in Pacific Biosciences of California by 0.6% during the 3rd quarter. ARK Investment Management LLC now owns 33,406,401 shares of the biotechnology company's stock worth $56,791,000 after buying an additional 193,947 shares during the last quarter. Marshall Wace LLP lifted its position in Pacific Biosciences of California by 226.6% during the second quarter. Marshall Wace LLP now owns 1,611,300 shares of the biotechnology company's stock valued at $2,207,000 after purchasing an additional 1,117,966 shares during the period. Assenagon Asset Management S.A. acquired a new position in Pacific Biosciences of California during the second quarter valued at $1,775,000. Koss Olinger Consulting LLC purchased a new stake in Pacific Biosciences of California in the second quarter valued at $1,096,000. Finally, Squarepoint Ops LLC acquired a new position in shares of Pacific Biosciences of California in the 2nd quarter valued at about $719,000.

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.