The Goldman Sachs Group Lowers Pacific Biosciences of California (NASDAQ:PACB) Price Target to $1.75

Pacific Biosciences of California (NASDAQ:PACB) had its price target reduced by stock analysts at The Goldman Sachs Group from $2.25 to $1.75 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “neutral” rating on the biotechnology company’s stock. The Goldman Sachs Group’s price objective suggests a potential upside of 7.03% from the company’s current price.

Other analysts have also issued reports about the company. UBS Group lowered Pacific Biosciences of California from a “buy” rating to a “neutral” rating and set a $2.00 price target on the stock. in a research note on Monday, November 11th. Piper Sandler lifted their price objective on Pacific Biosciences of California from $2.00 to $2.50 and gave the stock a “neutral” rating in a research report on Monday, November 11th. Scotiabank reduced their price objective on Pacific Biosciences of California from $7.00 to $6.00 and set a “sector outperform” rating on the stock in a research report on Monday, November 11th. Finally, StockNews.com upgraded Pacific Biosciences of California to a “sell” rating in a research report on Thursday, January 9th. One research analyst has rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $2.89.

Pacific Biosciences of California Price Performance

Shares of NASDAQ:PACB traded down $0.18 during trading on Thursday, reaching $1.64. The stock had a trading volume of 13,609,225 shares, compared to its average volume of 10,941,401. The company has a debt-to-equity ratio of 1.97, a quick ratio of 8.64 and a current ratio of 9.74. The business has a fifty day moving average price of $1.89 and a 200-day moving average price of $1.82. The stock has a market cap of $447.76 million, a PE ratio of -1.12 and a beta of 1.95. Pacific Biosciences of California has a 1-year low of $1.16 and a 1-year high of $7.50.

Insider Buying and Selling at Pacific Biosciences of California

In related news, insider Oene Mark Van sold 34,405 shares of the business’s stock in a transaction on Friday, January 10th. The stock was sold at an average price of $2.03, for a total value of $69,842.15. Following the sale, the insider now owns 1,597,454 shares in the company, valued at approximately $3,242,831.62. The trade was a 2.11 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 2.40% of the company’s stock.

Institutional Investors Weigh In On Pacific Biosciences of California

Several institutional investors and hedge funds have recently modified their holdings of PACB. Marshall Wace LLP raised its holdings in shares of 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 valued at $2,207,000 after buying an additional 1,117,966 shares during the period. Squarepoint Ops LLC purchased a new stake in shares of Pacific Biosciences of California in the 2nd quarter valued at $719,000. Soros Fund Management LLC raised its holdings in shares of Pacific Biosciences of California by 23.6% in the 3rd quarter. Soros Fund Management LLC now owns 2,098,000 shares of the biotechnology company’s stock valued at $3,567,000 after buying an additional 400,000 shares during the period. FMR LLC raised its holdings in shares of Pacific Biosciences of California by 641.3% in the 3rd quarter. FMR LLC now owns 408,151 shares of the biotechnology company’s stock valued at $694,000 after buying an additional 353,092 shares during the period. Finally, Barclays PLC raised its holdings in shares of Pacific Biosciences of California by 143.0% in the 3rd quarter. Barclays PLC now owns 595,150 shares of the biotechnology company’s stock valued at $1,011,000 after buying an additional 350,196 shares during the period.

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.