Pacific Biosciences of California (NASDAQ:PACB) Trading Up 5.3% Following Analyst Upgrade

Pacific Biosciences of California, Inc. (NASDAQ:PACB - Get Free Report)'s share price shot up 5.3% on Tuesday after Piper Sandler raised their price target on the stock from $2.00 to $2.50. Piper Sandler currently has a neutral rating on the stock. Pacific Biosciences of California traded as high as $2.66 and last traded at $2.59. 3,506,621 shares changed hands during trading, a decline of 63% from the average session volume of 9,523,271 shares. The stock had previously closed at $2.46.

Several other analysts also recently issued reports on PACB. Canaccord Genuity Group cut 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 note on Thursday, August 8th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $3.50 price target on shares of Pacific Biosciences of California in a report on Thursday, August 8th. StockNews.com upgraded shares of Pacific Biosciences of California to a "sell" rating in a research report on Tuesday, August 13th. Scotiabank decreased their price target 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, Morgan Stanley cut 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 note on Monday, August 12th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, Pacific Biosciences of California has an average rating of "Hold" and an average price target of $3.63.

Insider Buying and Selling at Pacific Biosciences of California

In other news, insider Jeff Eidel sold 26,760 shares of the company'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 sale, the insider now directly owns 869,730 shares in the company, valued at approximately $1,382,870.70. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other news, insider Jeff Eidel sold 26,760 shares of the stock in a transaction that occurred on 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 of the company's stock, valued at $1,382,870.70. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Oene Mark Van sold 38,011 shares of the firm's stock in a transaction on 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 transaction, the insider now directly owns 1,630,815 shares of the company's stock, valued at approximately $2,707,152.90. The trade was 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 owned by insiders.

Institutional Investors Weigh In On Pacific Biosciences of California

Several large investors have recently modified their holdings of the stock. Water Island Capital LLC boosted its holdings in shares of Pacific Biosciences of California by 91.1% in the 2nd quarter. Water Island Capital LLC now owns 20,000 shares of the biotechnology company's stock worth $27,000 after buying an additional 9,537 shares during the last quarter. Simplicity Wealth LLC acquired a new position in shares of Pacific Biosciences of California in the second quarter valued at about $29,000. Headlands Technologies LLC acquired a new position in shares of Pacific Biosciences of California in the first quarter valued at about $32,000. Impact Partnership Wealth LLC acquired a new position in shares of Pacific Biosciences of California in the second quarter valued at about $37,000. Finally, Atria Investments Inc increased its position in shares of Pacific Biosciences of California by 85.7% during the third 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 in the last quarter.

Pacific Biosciences of California Stock Performance

The firm has a market capitalization of $600.93 million, a PE ratio of -1.51 and a beta of 2.01. The stock has a 50-day moving average price of $1.88 and a 200-day moving average price of $1.76. The company has a debt-to-equity ratio of 1.81, a current ratio of 8.01 and a quick ratio of 7.14.

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.