Pacific Biosciences of California, Inc. (NASDAQ:PACB) Receives Consensus Recommendation of “Hold” from Analysts

Pacific Biosciences of California, Inc. (NASDAQ:PACB) has received an average recommendation of “Hold” from the fifteen analysts that are covering the firm, Marketbeat reports. Eight equities research analysts have rated the stock with a hold rating and seven have issued a buy rating on the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $3.63.

Several brokerages have recently commented on PACB. Morgan Stanley reduced their target price 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. Scotiabank decreased their target price on shares of Pacific Biosciences of California from $7.00 to $6.00 and set a “sector outperform” rating for the company in a report on Monday, November 11th. Piper Sandler boosted their price target on shares of Pacific Biosciences of California from $2.00 to $2.50 and gave the company a “neutral” rating in a report on Monday, November 11th. Canaccord Genuity Group reduced their price target 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, UBS Group downgraded shares of Pacific Biosciences of California from a “buy” rating to a “neutral” rating and set a $2.00 target price on the stock. in a research note on Monday, November 11th.

Pacific Biosciences of California Price Performance

Shares of NASDAQ:PACB opened at $1.60 on Friday. The company has a debt-to-equity ratio of 1.81, a quick ratio of 7.14 and a current ratio of 8.01. The company has a market capitalization of $436.81 million, a PE ratio of -1.09 and a beta of 2.01. The stock has a fifty day moving average of $1.92 and a 200-day moving average of $1.77. Pacific Biosciences of California has a one year low of $1.16 and a one year high of $10.65.

Insider Transactions at Pacific Biosciences of California

In related news, insider Jeff Eidel sold 26,760 shares of Pacific Biosciences of California 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 2.40% of the company’s stock.

Institutional Trading of Pacific Biosciences of California

Institutional investors and hedge funds have recently made changes to their positions in the stock. 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 worth $56,791,000 after buying an additional 193,947 shares during the last quarter. Edmond DE Rothschild Holding S.A. raised its holdings in Pacific Biosciences of California by 955.5% in the 1st quarter. Edmond DE Rothschild Holding S.A. now owns 10,507,287 shares of the biotechnology company’s stock worth $39,402,000 after acquiring an additional 9,511,787 shares during the period. State Street Corp raised its holdings in Pacific Biosciences of California by 5.7% in the 3rd quarter. State Street Corp now owns 6,276,156 shares of the biotechnology company’s stock worth $10,669,000 after acquiring an additional 340,766 shares during the period. Soros Fund Management LLC lifted its position in Pacific Biosciences of California by 23.6% during the 3rd quarter. Soros Fund Management LLC now owns 2,098,000 shares of the biotechnology company’s stock worth $3,567,000 after acquiring an additional 400,000 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Pacific Biosciences of California by 4.2% during 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 during the period.

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.