Pacific Biosciences of California (NASDAQ:PACB) Price Target Cut to $6.00 by Analysts at Scotiabank

Pacific Biosciences of California (NASDAQ:PACB) had its price objective decreased by Scotiabank from $7.00 to $6.00 in a research note released on Monday morning,Benzinga reports. Scotiabank currently has a sector outperform rating on the biotechnology company’s stock.

A number of other research analysts have also weighed in on the company. StockNews.com raised Pacific Biosciences of California to a “sell” rating in a report on Tuesday, August 13th. Morgan Stanley decreased their price objective 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. Cantor Fitzgerald reiterated an “overweight” rating and issued a $3.50 price objective on shares of Pacific Biosciences of California in a research note on Thursday, August 8th. Canaccord Genuity Group decreased 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 research report on Thursday, August 8th. Finally, Piper Sandler increased their price target on Pacific Biosciences of California from $2.00 to $2.50 and gave the stock a “neutral” rating in a research report on Monday. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, Pacific Biosciences of California currently has an average rating of “Hold” and an average price target of $3.63.

Pacific Biosciences of California Price Performance

Shares of PACB opened at $1.86 on Monday. The company has a debt-to-equity ratio of 1.81, a current ratio of 8.01 and a quick ratio of 7.14. The company’s fifty day moving average price is $1.92 and its 200-day moving average price is $1.77. Pacific Biosciences of California has a 1-year low of $1.16 and a 1-year high of $10.65. The firm has a market capitalization of $505.54 million, a PE ratio of -1.27 and a beta of 2.01.

Insider Activity

In related 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 value of $42,548.40. Following the completion of the sale, the insider now owns 869,730 shares of the company’s stock, valued at approximately $1,382,870.70. The trade was a 2.98 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 2.40% of the company’s stock.

Institutional Trading of Pacific Biosciences of California

Several institutional investors have recently modified their holdings of PACB. Paloma Partners Management Co acquired a new position in shares of Pacific Biosciences of California during the 3rd quarter worth about $63,000. FMR LLC raised its holdings in shares of Pacific Biosciences of California by 641.3% during the third quarter. FMR LLC now owns 408,151 shares of the biotechnology company’s stock valued at $694,000 after acquiring an additional 353,092 shares during the last quarter. Senvest Management LLC lifted its position in shares of Pacific Biosciences of California by 36.1% in the third quarter. Senvest Management LLC now owns 1,093,954 shares of the biotechnology company’s stock valued at $1,860,000 after acquiring an additional 290,000 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Pacific Biosciences of California by 4.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,040,303 shares of the biotechnology company’s stock valued at $3,469,000 after acquiring an additional 82,807 shares in the last quarter. Finally, Intech Investment Management LLC acquired a new stake in shares of Pacific Biosciences of California in the third quarter worth approximately $190,000.

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.