Pacific Biosciences of California (NASDAQ:PACB) Shares Gap Down - Should You Sell?

Pacific Biosciences of California, Inc. (NASDAQ:PACB - Get Free Report) gapped down before the market opened on Tuesday . The stock had previously closed at $2.01, but opened at $1.93. Pacific Biosciences of California shares last traded at $1.98, with a volume of 1,266,656 shares traded.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the stock. Scotiabank lowered their target price on shares of Pacific Biosciences of California from $7.00 to $6.00 and set a "sector outperform" rating for the company in a research note on Monday, November 11th. StockNews.com raised Pacific Biosciences of California to a "sell" rating in a research report on Thursday, January 9th. UBS Group lowered Pacific Biosciences of California from a "buy" rating to a "neutral" rating and set a $2.00 target price on the stock. in a research report on Monday, November 11th. Finally, Piper Sandler raised their price target on Pacific Biosciences of California from $2.00 to $2.50 and gave the stock a "neutral" rating in a report on Monday, November 11th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $2.95.

Pacific Biosciences of California Trading Down 8.3 %

The company has a debt-to-equity ratio of 1.97, a quick ratio of 8.64 and a current ratio of 9.74. The company has a market cap of $438.18 million, a price-to-earnings ratio of -1.10 and a beta of 1.95. The company's fifty day moving average is $1.95 and its two-hundred day moving average is $1.80.

Insider Transactions at Pacific Biosciences of California

In related news, insider Oene Mark Van sold 34,405 shares of the business's stock in a transaction on Friday, January 10th. The shares were sold at an average price of $2.03, for a total transaction of $69,842.15. Following the completion of the transaction, the insider now directly owns 1,597,454 shares in the company, valued at $3,242,831.62. The trade was a 2.11 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 2.40% of the company's stock.

Hedge Funds Weigh In On Pacific Biosciences of California

Institutional investors have recently modified their holdings of the stock. PCA Investment Advisory Services Inc. grew its holdings in Pacific Biosciences of California by 50.0% during the fourth quarter. PCA Investment Advisory Services Inc. now owns 15,000 shares of the biotechnology company's stock worth $27,000 after acquiring an additional 5,000 shares during the period. Creative Planning boosted its position in Pacific Biosciences of California by 30.8% in the 3rd quarter. Creative Planning now owns 32,409 shares of the biotechnology company's stock worth $55,000 after purchasing an additional 7,629 shares in the last quarter. Water Island Capital LLC grew its stake in shares of Pacific Biosciences of California by 91.1% during the 2nd quarter. Water Island Capital LLC now owns 20,000 shares of the biotechnology company's stock worth $27,000 after purchasing an additional 9,537 shares during the period. Atria Investments Inc grew its stake in shares of Pacific Biosciences of California by 85.7% during the 3rd quarter. Atria Investments Inc now owns 21,968 shares of the biotechnology company's stock worth $37,000 after purchasing an additional 10,138 shares during the period. Finally, Impact Partnership Wealth LLC increased its holdings in shares of Pacific Biosciences of California by 44.7% during the 3rd quarter. Impact Partnership Wealth LLC now owns 39,169 shares of the biotechnology company's stock valued at $67,000 after purchasing an additional 12,093 shares in 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.