Pacific Biosciences of California (NASDAQ:PACB) Given New $6.00 Price Target at Scotiabank

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

Other analysts have also issued research reports about the company. StockNews.com upgraded Pacific Biosciences of California to a “sell” rating in a report on Tuesday, August 13th. Morgan Stanley cut their price objective on Pacific Biosciences of California from $4.00 to $2.00 and set an “equal weight” rating for the company in a report on Monday, August 12th. Piper Sandler increased their price objective on Pacific Biosciences of California from $2.00 to $2.50 and gave the stock a “neutral” rating in a report on Monday. Cantor Fitzgerald restated 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. Finally, Canaccord Genuity Group reduced their price target on 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. One analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, Pacific Biosciences of California presently has an average rating of “Hold” and a consensus target price of $3.63.

Pacific Biosciences of California Stock Performance

NASDAQ:PACB opened at $2.59 on Monday. The firm has a market cap of $705.85 million, a price-to-earnings ratio of -1.68 and a beta of 2.01. Pacific Biosciences of California has a twelve month low of $1.16 and a twelve month high of $10.65. The company has a current ratio of 8.01, a quick ratio of 7.14 and a debt-to-equity ratio of 1.81. The company has a 50-day moving average of $1.88 and a 200-day moving average of $1.76.

Insiders Place Their Bets

In other Pacific Biosciences of California news, insider Jeff Eidel sold 26,760 shares of the stock in a transaction dated 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 in the company, valued at $1,382,870.70. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Pacific Biosciences of California news, insider Jeff Eidel sold 26,760 shares of the business’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 transaction, the insider now directly owns 869,730 shares of the company’s stock, valued at approximately $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 can be accessed through this hyperlink. Also, insider Oene Mark Van sold 38,011 shares of the company’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $1.66, for a total value of $63,098.26. Following 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 position. The disclosure for this sale can be found here. Company insiders own 2.40% of the company’s stock.

Institutional Trading of Pacific Biosciences of California

A number of hedge funds have recently made changes to their positions in PACB. Quantbot Technologies LP raised its stake in Pacific Biosciences of California by 330.4% during the first quarter. Quantbot Technologies LP now owns 88,834 shares of the biotechnology company’s stock valued at $333,000 after buying an additional 68,195 shares during the last quarter. SG Americas Securities LLC bought a new position in Pacific Biosciences of California during the first quarter valued at $80,000. Swiss National Bank lifted its holdings in shares of Pacific Biosciences of California by 1.3% in the 1st quarter. Swiss National Bank now owns 475,246 shares of the biotechnology company’s stock worth $1,782,000 after acquiring an additional 6,200 shares during the last quarter. Headlands Technologies LLC bought a new position in Pacific Biosciences of California in the 1st quarter valued at $32,000. Finally, Interchange Capital Partners LLC grew its holdings in shares of Pacific Biosciences of California by 53.1% in the first quarter. Interchange Capital Partners LLC now owns 28,641 shares of the biotechnology company’s stock worth $114,000 after purchasing an additional 9,932 shares during the last quarter.

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.