The Goldman Sachs Group Cuts Pacific Biosciences of California (NASDAQ:PACB) Price Target to $1.75

Pacific Biosciences of California (NASDAQ:PACB) had its price target reduced by The Goldman Sachs Group from $2.25 to $1.75 in a report published on Thursday,Benzinga reports. The Goldman Sachs Group currently has a neutral rating on the biotechnology company’s stock.

A number of other research firms have also recently weighed in on PACB. 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, November 11th. UBS Group lowered Pacific Biosciences of California from a “buy” rating to a “neutral” rating and set a $2.00 price target for the company. in a research note on Monday, November 11th. StockNews.com upgraded Pacific Biosciences of California to a “sell” rating in a research report on Thursday, January 9th. Finally, Piper Sandler boosted their price objective on Pacific Biosciences of California from $2.00 to $2.50 and gave the company a “neutral” rating in a research report on Monday, November 11th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $2.89.

Pacific Biosciences of California Price Performance

Shares of NASDAQ PACB opened at $1.69 on Thursday. The company has a debt-to-equity ratio of 1.97, a current ratio of 9.74 and a quick ratio of 8.64. The stock has a market capitalization of $462.82 million, a price-to-earnings ratio of -1.16 and a beta of 1.95. The firm’s 50 day simple moving average is $1.89 and its 200-day simple moving average is $1.82. Pacific Biosciences of California has a 12 month low of $1.16 and a 12 month high of $7.50.

Insiders Place Their Bets

In other news, insider Oene Mark Van sold 34,405 shares of the firm’s 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 transaction, the insider now directly owns 1,597,454 shares of the company’s stock, valued at approximately $3,242,831.62. This trade represents a 2.11 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 2.40% of the stock is currently owned by corporate insiders.

Institutional Trading of Pacific Biosciences of California

Large investors have recently bought and sold shares of the business. Marshall Wace LLP raised its holdings in shares of Pacific Biosciences of California by 226.6% during the 2nd quarter. Marshall Wace LLP now owns 1,611,300 shares of the biotechnology company’s stock worth $2,207,000 after acquiring an additional 1,117,966 shares during the period. Squarepoint Ops LLC acquired a new stake in Pacific Biosciences of California during the second quarter worth about $719,000. Soros Fund Management LLC raised its stake in Pacific Biosciences of California by 23.6% during the third quarter. Soros Fund Management LLC now owns 2,098,000 shares of the biotechnology company’s stock worth $3,567,000 after purchasing an additional 400,000 shares during the period. FMR LLC boosted its holdings in Pacific Biosciences of California by 641.3% in the 3rd quarter. FMR LLC now owns 408,151 shares of the biotechnology company’s stock valued at $694,000 after purchasing an additional 353,092 shares during the last quarter. Finally, Barclays PLC grew its stake in shares of Pacific Biosciences of California by 143.0% in the 3rd quarter. Barclays PLC now owns 595,150 shares of the biotechnology company’s stock valued at $1,011,000 after buying an additional 350,196 shares during the period.

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.