Scotiabank Lowers Pacific Biosciences of California (NASDAQ:PACB) Price Target to $6.00

Pacific Biosciences of California (NASDAQ:PACB - Get Free Report) had its price objective decreased by stock analysts at Scotiabank from $7.00 to $6.00 in a research note issued to investors on Monday,Benzinga reports. The firm presently has a "sector outperform" rating on the biotechnology company's stock. Scotiabank's target price suggests a potential upside of 154.24% from the company's previous close.

Several other research analysts have also recently issued reports on PACB. Canaccord Genuity Group lowered their target price on shares of Pacific Biosciences of California from $3.50 to $3.00 and set a "buy" rating for the company in a report 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 research note on Thursday, August 8th. Morgan Stanley reduced their price target 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 report on Monday, August 12th. StockNews.com upgraded shares of Pacific Biosciences of California to a "sell" rating in a research note on Tuesday, August 13th. Finally, Piper Sandler lifted their price objective on shares of Pacific Biosciences of California from $2.00 to $2.50 and gave the stock a "neutral" rating in a report on Monday. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $4.46.

Pacific Biosciences of California Trading Up 2.6 %

NASDAQ:PACB traded up $0.06 on Monday, hitting $2.36. The stock had a trading volume of 10,068,311 shares, compared to its average volume of 9,524,700. The company has a fifty day moving average price of $1.85 and a two-hundred day moving average price of $1.75. The stock has a market cap of $643.17 million, a price-to-earnings ratio of -1.60 and a beta of 2.01. Pacific Biosciences of California has a 1-year low of $1.16 and a 1-year high of $10.65. The company has a quick ratio of 7.14, a current ratio of 8.01 and a debt-to-equity ratio of 1.81.

Insider Activity

In related news, insider Jeff Eidel sold 26,760 shares of Pacific Biosciences of California stock in a transaction dated Monday, August 19th. The stock was 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 approximately $1,382,870.70. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, insider Jeff Eidel sold 26,760 shares of the business's stock in a transaction 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 sale, the insider now directly owns 869,730 shares of the company's stock, valued at $1,382,870.70. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Oene Mark Van sold 38,011 shares of the business'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 transaction, the insider now owns 1,630,815 shares of the company's stock, valued at $2,707,152.90. This represents a 0.00 % decrease in their ownership of the stock. 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 hedge funds have recently modified their holdings of PACB. ARK Investment Management LLC lifted its stake in shares of Pacific Biosciences of California by 0.6% in the third quarter. ARK Investment Management LLC now owns 33,406,401 shares of the biotechnology company's stock valued at $56,791,000 after purchasing an additional 193,947 shares during the period. Marshall Wace LLP raised its holdings in 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 acquiring an additional 1,117,966 shares in the last quarter. Assenagon Asset Management S.A. acquired a new stake in Pacific Biosciences of California in the second quarter valued at $1,775,000. Koss Olinger Consulting LLC acquired a new stake in shares of Pacific Biosciences of California during the second quarter worth $1,096,000. Finally, Squarepoint Ops LLC bought a new position in shares of Pacific Biosciences of California during the second quarter worth about $719,000.

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.

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