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

Pacific Biosciences of California (NASDAQ:PACB) was downgraded by UBS Group from a “buy” rating to a “neutral” rating in a research note issued on Monday, Marketbeat Ratings reports. They presently have a $2.00 price target on the biotechnology company’s stock. UBS Group’s target price would indicate a potential downside of 9.30% from the company’s current price.

Other equities research analysts also recently issued reports about the stock. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $3.50 target price on shares of Pacific Biosciences of California in a research note on Thursday, August 8th. StockNews.com raised Pacific Biosciences of California to a “sell” rating in a research note on Tuesday, August 13th. Morgan Stanley decreased their price target on shares of Pacific Biosciences of California from $4.00 to $2.00 and set an “equal weight” rating for the company in a research note on Monday, August 12th. Canaccord Genuity Group reduced 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 report on Thursday, August 8th. Finally, Scotiabank reduced their price objective on 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. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have given a buy rating to the stock. According to MarketBeat, Pacific Biosciences of California presently has an average rating of “Hold” and an average price target of $3.63.

Pacific Biosciences of California Price Performance

NASDAQ PACB opened at $2.21 on Monday. The firm’s 50-day simple moving average is $1.89 and its two-hundred day simple moving average is $1.76. The company has a market cap of $600.93 million, a PE ratio of -1.51 and a beta of 2.01. Pacific Biosciences of California has a 52 week low of $1.16 and a 52 week 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 Buying and Selling

In other news, insider Jeff Eidel sold 26,760 shares of the firm’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 completion of the sale, the insider now directly owns 869,730 shares of the company’s stock, valued at $1,382,870.70. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Pacific Biosciences of California news, insider Oene Mark Van sold 38,011 shares of the firm’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $1.66, for a total value 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 $2,707,152.90. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Jeff Eidel sold 26,760 shares of the company’s stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $1.59, for a total value of $42,548.40. Following the transaction, 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 disclosure for this sale can be found here. 2.40% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Pacific Biosciences of California

A number of institutional investors and hedge funds have recently modified their holdings of the business. Assenagon Asset Management S.A. purchased a new stake in shares of Pacific Biosciences of California during the second quarter valued at $1,775,000. Marshall Wace LLP grew its stake in Pacific Biosciences of California by 226.6% in the 2nd quarter. Marshall Wace LLP now owns 1,611,300 shares of the biotechnology company’s stock worth $2,207,000 after acquiring an additional 1,117,966 shares in the last quarter. Koss Olinger Consulting LLC purchased a new position in shares of Pacific Biosciences of California during the second quarter worth approximately $1,096,000. Squarepoint Ops LLC bought a new stake in shares of Pacific Biosciences of California during the second quarter valued at approximately $719,000. Finally, Federated Hermes Inc. purchased a new stake in shares of Pacific Biosciences of California in the second quarter valued at approximately $612,000.

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.