Pacific Biosciences of California (NASDAQ:PACB) Stock Rating Upgraded by StockNews.com

StockNews.com upgraded shares of Pacific Biosciences of California (NASDAQ:PACB) to a sell rating in a research note released on Tuesday morning.

Several other research firms have also recently weighed in on PACB. Piper Sandler reissued a “neutral” rating and issued a $2.00 target price (down from $2.50) on shares of Pacific Biosciences of California in a research note on Thursday, February 20th. Stephens restated an “overweight” rating and set a $2.50 price objective on shares of Pacific Biosciences of California in a research note on Friday, February 14th. The Goldman Sachs Group cut their target price on shares of Pacific Biosciences of California from $1.75 to $1.50 and set a “neutral” rating for the company in a research note on Tuesday, February 18th. UBS Group downgraded 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 report on Monday, November 11th. Finally, Scotiabank cut their price objective 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, November 11th. One research analyst has rated the stock with a sell rating, six have given a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $2.79.

Pacific Biosciences of California Stock Performance

Shares of PACB opened at $1.46 on Tuesday. The stock has a market capitalization of $399.84 million, a price-to-earnings ratio of -0.89 and a beta of 1.92. Pacific Biosciences of California has a 12 month low of $1.16 and a 12 month high of $6.09. The firm has a fifty day simple moving average of $1.73 and a 200 day simple moving average of $1.79. The company has a current ratio of 9.74, a quick ratio of 8.64 and a debt-to-equity ratio of 1.97.

Pacific Biosciences of California (NASDAQ:PACB) last released its earnings results on Thursday, February 13th. The biotechnology company reported ($0.20) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.20). The business had revenue of $39.22 million for the quarter, compared to analyst estimates of $39.20 million. Pacific Biosciences of California had a negative return on equity of 42.89% and a negative net margin of 200.40%. During the same quarter in the prior year, the company posted ($0.27) earnings per share. Research analysts forecast that Pacific Biosciences of California will post -0.72 EPS for the current fiscal year.

Insider Activity

In other Pacific Biosciences of California news, insider Oene Mark Van sold 34,405 shares of Pacific Biosciences of California stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $2.03, for a total value of $69,842.15. Following the completion of the sale, the insider now owns 1,597,454 shares in the company, valued at $3,242,831.62. The trade was a 2.11 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Michele Farmer sold 24,349 shares of the stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $1.88, for a total transaction of $45,776.12. Following the transaction, the insider now owns 187,592 shares in the company, valued at approximately $352,672.96. The trade was a 11.49 % decrease in their position. The disclosure for this sale can be found here. 2.40% of the stock is currently owned by company insiders.

Institutional Trading of Pacific Biosciences of California

A number of institutional investors have recently modified their holdings of PACB. Creative Planning raised its stake in Pacific Biosciences of California by 30.8% in the third quarter. Creative Planning now owns 32,409 shares of the biotechnology company’s stock valued at $55,000 after purchasing an additional 7,629 shares in the last quarter. Ballentine Partners LLC bought a new position in Pacific Biosciences of California in the 3rd quarter valued at about $43,000. China Universal Asset Management Co. Ltd. raised its position in Pacific Biosciences of California by 60.2% during the third quarter. China Universal Asset Management Co. Ltd. now owns 54,335 shares of the biotechnology company’s stock valued at $92,000 after purchasing an additional 20,417 shares in the last quarter. ARK Investment Management LLC raised its holdings in shares of Pacific Biosciences of California by 0.6% during the 3rd 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 in the last quarter. Finally, Atria Investments Inc lifted its position in shares of Pacific Biosciences of California by 85.7% during the 3rd quarter. Atria Investments Inc now owns 21,968 shares of the biotechnology company’s stock worth $37,000 after buying an additional 10,138 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.