Scotiabank Lowers Pacific Biosciences of California (NASDAQ:PACB) Price Target to $2.00

Pacific Biosciences of California (NASDAQ:PACB - Get Free Report) had its target price lowered by analysts at Scotiabank from $6.00 to $2.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm presently has a "sector outperform" rating on the biotechnology company's stock. Scotiabank's price objective would suggest a potential upside of 75.44% from the company's current price.

Other equities research analysts have also issued reports about the stock. The Goldman Sachs Group lowered their price target on shares of Pacific Biosciences of California from $1.75 to $1.50 and set a "neutral" rating for the company in a report on Tuesday, February 18th. StockNews.com upgraded Pacific Biosciences of California to a "sell" rating in a research note on Tuesday, February 25th. Piper Sandler reaffirmed a "neutral" rating and set a $2.00 target price (down from $2.50) on shares of Pacific Biosciences of California in a research report on Thursday, February 20th. Finally, Stephens reissued an "overweight" rating and issued a $2.50 price target on shares of Pacific Biosciences of California in a report on Friday, February 14th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and seven have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $2.46.

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Pacific Biosciences of California Stock Down 8.1 %

Shares of NASDAQ PACB traded down $0.10 on Tuesday, hitting $1.14. The company had a trading volume of 12,332,785 shares, compared to its average volume of 10,146,534. The company has a quick ratio of 8.64, a current ratio of 9.74 and a debt-to-equity ratio of 1.97. Pacific Biosciences of California has a 12-month low of $1.11 and a 12-month high of $3.85. The firm has a market capitalization of $339.55 million, a P/E ratio of -0.70 and a beta of 1.86. The business has a 50 day moving average of $1.47 and a two-hundred day moving average of $1.76.

Pacific Biosciences of California (NASDAQ:PACB - Get Free Report) last released its quarterly earnings results on Thursday, February 13th. The biotechnology company reported ($0.20) earnings per share for the quarter, hitting analysts' consensus estimates of ($0.20). Pacific Biosciences of California had a negative return on equity of 42.89% and a negative net margin of 200.40%. The firm had revenue of $39.22 million during the quarter, compared to analysts' expectations of $39.20 million. During the same quarter in the prior year, the business earned ($0.27) EPS. As a group, equities research analysts forecast that Pacific Biosciences of California will post -0.72 earnings per share for the current fiscal year.

Insider Transactions at Pacific Biosciences of California

In other news, insider Michele Farmer sold 24,349 shares of Pacific Biosciences of California stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $1.88, for a total value of $45,776.12. Following the completion of the transaction, the insider now directly owns 187,592 shares of the company's stock, valued at approximately $352,672.96. The trade was a 11.49 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Oene Mark Van sold 34,405 shares of the stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $2.03, for a total transaction of $69,842.15. Following the sale, the insider now owns 1,597,454 shares in the company, valued at approximately $3,242,831.62. This trade represents a 2.11 % decrease in their position. The disclosure for this sale can be found here. Insiders own 2.40% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the stock. PCA Investment Advisory Services Inc. lifted its stake in Pacific Biosciences of California by 50.0% in the fourth quarter. PCA Investment Advisory Services Inc. now owns 15,000 shares of the biotechnology company's stock valued at $27,000 after buying an additional 5,000 shares during the last quarter. Atom Investors LP acquired a new stake in shares of Pacific Biosciences of California in the 3rd quarter worth about $30,000. First Trust Advisors LP bought a new stake in Pacific Biosciences of California in the 4th quarter valued at about $42,000. Centiva Capital LP acquired a new position in Pacific Biosciences of California during the 3rd quarter valued at about $40,000. Finally, Boothbay Fund Management LLC bought a new position in Pacific Biosciences of California in the 4th quarter worth about $43,000.

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.