Brokerages Set Pacific Biosciences of California, Inc. (NASDAQ:PACB) Target Price at $4.50

Pacific Biosciences of California, Inc. (NASDAQ:PACB) has earned an average recommendation of “Hold” from the fifteen brokerages that are covering the company, MarketBeat.com reports. Eight equities research analysts have rated the stock with a hold recommendation and seven have assigned a buy recommendation to the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $3.63.

PACB has been the topic of a number of research reports. Piper Sandler upped their price target on shares of Pacific Biosciences of California from $2.00 to $2.50 and gave the company a “neutral” rating in a research note on Monday. Canaccord Genuity Group cut 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 report on Thursday, August 8th. Scotiabank cut their price objective on shares of Pacific Biosciences of California from $7.00 to $6.00 and set a “sector outperform” rating for the company in a report on Monday. Morgan Stanley cut their price objective on shares of Pacific Biosciences of California from $4.00 to $2.00 and set an “equal weight” rating for the company in a report on Monday, August 12th. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $3.50 price objective on shares of Pacific Biosciences of California in a report on Thursday, August 8th.

Insider Buying and Selling

In related news, insider Oene Mark Van sold 38,011 shares of the company’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $1.66, for a total transaction of $63,098.26. Following the completion of the transaction, the insider now directly owns 1,630,815 shares in the company, valued at $2,707,152.90. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider Oene Mark Van sold 38,011 shares of the company’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $1.66, for a total transaction of $63,098.26. Following the completion of the transaction, the insider now directly owns 1,630,815 shares in the company, valued at $2,707,152.90. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 transaction of $42,548.40. Following the transaction, the insider now owns 869,730 shares of the company’s stock, valued at approximately $1,382,870.70. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Pacific Biosciences of California

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Water Island Capital LLC increased 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 valued at $27,000 after acquiring an additional 9,537 shares during the period. Simplicity Wealth LLC acquired a new position in Pacific Biosciences of California in the 2nd quarter valued at approximately $29,000. Headlands Technologies LLC acquired a new position in Pacific Biosciences of California in the 1st quarter valued at approximately $32,000. Impact Partnership Wealth LLC acquired a new position in Pacific Biosciences of California in the 2nd quarter valued at approximately $37,000. Finally, Atria Investments Inc increased 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 valued at $37,000 after acquiring an additional 10,138 shares during the period.

Pacific Biosciences of California Stock Down 10.2 %

Shares of PACB opened at $1.98 on Friday. Pacific Biosciences of California has a 52 week low of $1.16 and a 52 week high of $10.65. The firm has a market cap of $539.61 million, a P/E ratio of -1.36 and a beta of 2.01. The firm’s 50-day simple moving average is $1.91 and its 200 day simple moving average is $1.77. The company has a debt-to-equity ratio of 1.81, a quick ratio of 7.14 and a current ratio of 8.01.

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.