Pacific Biosciences of California (NASDAQ:PACB) Stock Price Expected to Rise, Piper Sandler Analyst Says

Pacific Biosciences of California (NASDAQ:PACB) had its target price raised by research analysts at Piper Sandler from $2.00 to $2.50 in a note issued to investors on Monday,Benzinga reports. The brokerage presently has a “neutral” rating on the biotechnology company’s stock. Piper Sandler’s price target would indicate a potential upside of 8.70% from the stock’s previous close.

A number of other research analysts also recently weighed in on PACB. Scotiabank lowered their price target on Pacific Biosciences of California from $8.00 to $7.00 and set a “sector outperform” rating on the stock in a report on Wednesday, August 28th. StockNews.com raised Pacific Biosciences of California to a “sell” rating in a research report on Tuesday, August 13th. Canaccord Genuity Group reduced their price target on Pacific Biosciences of California from $3.50 to $3.00 and set a “buy” rating for the company in a report on Thursday, August 8th. Morgan Stanley dropped 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 report on Monday, August 12th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $3.50 target price on shares of Pacific Biosciences of California in a research note on Thursday, August 8th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, Pacific Biosciences of California presently has an average rating of “Hold” and a consensus target price of $4.54.

Pacific Biosciences of California Trading Down 6.1 %

Pacific Biosciences of California stock opened at $2.30 on Monday. Pacific Biosciences of California has a 52 week low of $1.16 and a 52 week high of $10.65. 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 firm has a market capitalization of $626.82 million, a price-to-earnings ratio of -1.58 and a beta of 2.01. The company has a 50 day moving average price of $1.85 and a 200 day moving average price of $1.75.

Insider Buying and Selling

In other Pacific Biosciences of California news, insider Jeff Eidel sold 26,760 shares of the firm’s 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 sale, the insider now directly owns 869,730 shares in the company, valued at $1,382,870.70. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, insider Jeff Eidel sold 26,760 shares of the company’s stock in a transaction 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 directly owns 869,730 shares in the company, valued at approximately $1,382,870.70. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Oene Mark Van sold 38,011 shares of Pacific Biosciences of California stock in a transaction on Friday, August 16th. The stock was sold at an average price of $1.66, for a total transaction of $63,098.26. Following the sale, the insider now owns 1,630,815 shares in the company, valued at $2,707,152.90. This represents 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 Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PACB. ARK Investment Management LLC lifted its position 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 during the period. Marshall Wace LLP lifted its holdings in shares of Pacific Biosciences of California by 226.6% during the second quarter. Marshall Wace LLP now owns 1,611,300 shares of the biotechnology company’s stock valued at $2,207,000 after acquiring an additional 1,117,966 shares during the period. Assenagon Asset Management S.A. acquired a new stake in shares of Pacific Biosciences of California in the 2nd quarter valued at $1,775,000. Koss Olinger Consulting LLC bought a new stake in shares of Pacific Biosciences of California in the 2nd quarter worth about $1,096,000. Finally, Squarepoint Ops LLC acquired a new stake in shares of Pacific Biosciences of California during the 2nd quarter worth about $719,000.

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.