Pacific Biosciences of California (NASDAQ:PACB) Raised to Hold at UBS Group

UBS Group upgraded shares of Pacific Biosciences of California (NASDAQ:PACB) to a hold rating in a report released on Sunday,Zacks.com reports.

Other equities research analysts have also issued research reports about the stock. Canaccord Genuity Group reduced their price objective on shares of Pacific Biosciences of California from $3.50 to $3.00 and set a “buy” rating for the company in a research note on Thursday, August 8th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $3.50 price target on shares of Pacific Biosciences of California in a research report on Thursday, August 8th. Piper Sandler increased their price objective on Pacific Biosciences of California from $2.00 to $2.50 and gave the company a “neutral” rating in a report on Monday. Morgan Stanley cut their price objective on Pacific Biosciences of California from $4.00 to $2.00 and set an “equal weight” rating on the stock in a research note on Monday, August 12th. Finally, Scotiabank decreased their target price on Pacific Biosciences of California from $7.00 to $6.00 and set a “sector outperform” rating for the company in a research report on Monday. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $3.63.

Pacific Biosciences of California Price Performance

NASDAQ PACB opened at $1.98 on Friday. The company has a quick ratio of 7.14, a current ratio of 8.01 and a debt-to-equity ratio of 1.81. The stock has a market capitalization of $539.61 million, a PE ratio of -1.36 and a beta of 2.01. Pacific Biosciences of California has a 12-month low of $1.16 and a 12-month high of $10.65. The company has a 50 day moving average price of $1.91 and a two-hundred day moving average price of $1.77.

Insider Buying and Selling

In other Pacific Biosciences of California news, insider Jeff Eidel sold 26,760 shares of the 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 directly owns 869,730 shares of the company’s stock, valued at $1,382,870.70. This represents a 0.00 % decrease in their position. The sale 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 Jeff Eidel sold 26,760 shares of the company’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 transaction, the insider now owns 869,730 shares of the company’s stock, valued at $1,382,870.70. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Oene Mark Van sold 38,011 shares of Pacific Biosciences of California stock in a transaction that occurred 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 directly owns 1,630,815 shares in the company, valued at $2,707,152.90. The trade was 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 insiders.

Institutional Investors Weigh In On Pacific Biosciences of California

Several institutional investors and hedge funds have recently bought and sold shares of the business. Water Island Capital LLC grew its stake in shares of Pacific Biosciences of California by 91.1% in the 2nd quarter. Water Island Capital LLC now owns 20,000 shares of the biotechnology company’s stock valued at $27,000 after purchasing an additional 9,537 shares during the period. Simplicity Wealth LLC acquired a new stake in Pacific Biosciences of California in the 2nd quarter valued at $29,000. Headlands Technologies LLC bought a new stake in Pacific Biosciences of California in the first quarter valued at $32,000. Impact Partnership Wealth LLC bought a new stake in Pacific Biosciences of California in the second quarter valued at $37,000. Finally, Atria Investments Inc raised its stake in Pacific Biosciences of California by 85.7% during the third quarter. Atria Investments Inc now owns 21,968 shares of the biotechnology company’s stock worth $37,000 after acquiring an additional 10,138 shares in 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.