Pacific Biosciences of California (NASDAQ:PACB) Shares Gap Down – Should You Sell?

Pacific Biosciences of California, Inc. (NASDAQ:PACB) shares gapped down prior to trading on Tuesday . The stock had previously closed at $2.01, but opened at $1.93. Pacific Biosciences of California shares last traded at $1.98, with a volume of 1,266,656 shares trading hands.

Analysts Set New Price Targets

PACB has been the subject of a number of research reports. Scotiabank lowered 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 report on Monday, November 11th. StockNews.com upgraded shares of Pacific Biosciences of California to a “sell” rating in a research note on Thursday, January 9th. Piper Sandler increased their price objective on shares of Pacific Biosciences of California from $2.00 to $2.50 and gave the stock a “neutral” rating in a research note on Monday, November 11th. Finally, UBS Group downgraded shares of Pacific Biosciences of California from a “buy” rating to a “neutral” rating and set a $2.00 price objective for the company. in a research note on Monday, November 11th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, Pacific Biosciences of California presently has a consensus rating of “Hold” and a consensus price target of $2.95.

Pacific Biosciences of California Price Performance

The company’s fifty day moving average price is $1.95 and its 200 day moving average price is $1.80. The company has a market capitalization of $461.45 million, a P/E ratio of -1.15 and a beta of 1.95. The company has a quick ratio of 8.64, a current ratio of 9.74 and a debt-to-equity ratio of 1.97.

Insider Buying and Selling at Pacific Biosciences of California

In other news, insider Oene Mark Van sold 34,405 shares of Pacific Biosciences of California stock in a transaction on Friday, January 10th. The shares were sold at an average price of $2.03, for a total transaction of $69,842.15. Following the transaction, 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 2.40% of the company’s stock.

Hedge Funds Weigh In On Pacific Biosciences of California

Several hedge funds and other institutional investors have recently bought and sold shares of PACB. PCA Investment Advisory Services Inc. increased its stake in Pacific Biosciences of California by 50.0% in the 4th quarter. PCA Investment Advisory Services Inc. now owns 15,000 shares of the biotechnology company’s stock valued at $27,000 after buying an additional 5,000 shares during the last quarter. Creative Planning raised its position in shares of Pacific Biosciences of California by 30.8% during the 3rd quarter. Creative Planning now owns 32,409 shares of the biotechnology company’s stock valued at $55,000 after buying an additional 7,629 shares in the last quarter. Water Island Capital LLC raised its position in 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 worth $27,000 after purchasing an additional 9,537 shares during the period. Atria Investments Inc raised its position in Pacific Biosciences of California by 85.7% in the 3rd quarter. Atria Investments Inc now owns 21,968 shares of the biotechnology company’s stock worth $37,000 after purchasing an additional 10,138 shares during the period. Finally, Impact Partnership Wealth LLC grew its holdings in Pacific Biosciences of California by 44.7% in the 3rd quarter. Impact Partnership Wealth LLC now owns 39,169 shares of the biotechnology company’s stock worth $67,000 after acquiring an additional 12,093 shares during the last quarter.

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.