Pacific Biosciences of California (NASDAQ:PACB) Rating Lowered to "Neutral" at UBS Group

Pacific Biosciences of California (NASDAQ:PACB - Get Free Report) was downgraded by stock analysts at UBS Group from a "buy" rating to a "neutral" rating in a research note issued to investors on Monday, MarketBeat reports. They presently have a $2.00 price target on the biotechnology company's stock. UBS Group's price objective would suggest a potential downside of 18.70% from the stock's previous close.

Several other brokerages have also recently issued reports on PACB. Morgan Stanley lowered their price target on 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. StockNews.com raised Pacific Biosciences of California to a "sell" rating in a report on Tuesday, August 13th. Piper Sandler boosted their price target on shares of Pacific Biosciences of California from $2.00 to $2.50 and gave the stock a "neutral" rating in a research report on Monday. Scotiabank reduced 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. Finally, Cantor Fitzgerald reaffirmed 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. One investment 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. Based on data from MarketBeat, the company 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 traded up $0.16 on Monday, hitting $2.46. The company had a trading volume of 15,263,144 shares, compared to its average volume of 9,550,852. Pacific Biosciences of California has a 52 week low of $1.16 and a 52 week 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 company has a market cap of $670.42 million, a PE ratio of -1.60 and a beta of 2.01. The business has a 50-day simple moving average of $1.85 and a 200-day simple moving average of $1.75.

Insider Activity at Pacific Biosciences of California

In other Pacific Biosciences of California news, insider Jeff Eidel sold 26,760 shares of the firm's stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $1.59, for a total transaction of $42,548.40. Following the completion of the sale, the insider now directly owns 869,730 shares in the company, valued at approximately $1,382,870.70. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, insider Oene Mark Van sold 38,011 shares of Pacific Biosciences of California stock in a transaction on Friday, August 16th. The stock was 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 trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jeff Eidel sold 26,760 shares of the business'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 completion of the transaction, the insider now owns 869,730 shares in the company, valued at $1,382,870.70. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 2.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Assenagon Asset Management S.A. bought a new position in shares of Pacific Biosciences of California in the 2nd quarter valued at approximately $1,775,000. Marshall Wace LLP raised its position in shares of Pacific Biosciences of California by 226.6% in 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. Koss Olinger Consulting LLC acquired a new stake in shares of Pacific Biosciences of California in the second quarter worth $1,096,000. Squarepoint Ops LLC bought a new stake in shares of Pacific Biosciences of California during the 2nd quarter worth $719,000. Finally, Federated Hermes Inc. acquired a new position in Pacific Biosciences of California in the 2nd quarter valued at $612,000.

About Pacific Biosciences of California

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.