Piper Sandler Forecasts Strong Price Appreciation for Pacific Biosciences of California (NASDAQ:PACB) Stock

Pacific Biosciences of California (NASDAQ:PACB) had its target price hoisted by investment analysts at Piper Sandler from $2.00 to $2.50 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage presently has a “neutral” rating on the biotechnology company’s stock. Piper Sandler’s price objective suggests a potential upside of 13.38% from the stock’s current price.

Several other equities research analysts have also issued reports on the stock. StockNews.com upgraded shares of Pacific Biosciences of California to a “sell” rating in a research note on Tuesday, August 13th. Morgan Stanley lowered 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 research note on Monday, August 12th. Cantor Fitzgerald reiterated an “overweight” rating and set a $3.50 target price on shares of Pacific Biosciences of California in a research report on Thursday, August 8th. Canaccord Genuity Group dropped their price target on shares of Pacific Biosciences of California from $3.50 to $3.00 and set a “buy” rating on the stock in a research note on Thursday, August 8th. Finally, Scotiabank reduced their price objective on shares of Pacific Biosciences of California from $8.00 to $7.00 and set a “sector outperform” rating for the company in a research note on Wednesday, August 28th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $3.63.

Pacific Biosciences of California Price Performance

PACB opened at $2.21 on Monday. Pacific Biosciences of California has a fifty-two week low of $1.16 and a fifty-two week high of $10.65. The firm has a 50-day moving average of $1.89 and a 200 day moving average of $1.76. 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 cap of $600.93 million, a P/E ratio of -1.51 and a beta of 2.01.

Insider Buying and Selling

In other Pacific Biosciences of California news, insider Oene Mark Van sold 38,011 shares of the business’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $1.66, for a total value of $63,098.26. Following the completion of the sale, the insider now directly owns 1,630,815 shares of the company’s stock, valued at $2,707,152.90. The trade was a 0.00 % decrease in their ownership of the stock. 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 firm’s stock in a transaction dated Monday, August 19th. The stock was 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 of the company’s stock, valued at $1,382,870.70. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Oene Mark Van sold 38,011 shares of the business’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $1.66, for a total value of $63,098.26. Following the transaction, the insider now owns 1,630,815 shares in the company, valued at approximately $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 corporate insiders.

Institutional Investors Weigh In On Pacific Biosciences of California

Several institutional investors and hedge funds have recently bought and sold shares of PACB. Senvest Management LLC raised its holdings in shares of Pacific Biosciences of California by 36.1% during the third quarter. Senvest Management LLC now owns 1,093,954 shares of the biotechnology company’s stock valued at $1,860,000 after acquiring an additional 290,000 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Pacific Biosciences of California by 4.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,040,303 shares of the biotechnology company’s stock worth $3,469,000 after purchasing an additional 82,807 shares in the last quarter. Intech Investment Management LLC purchased a new stake in shares of Pacific Biosciences of California in the 3rd quarter worth about $190,000. Atria Investments Inc boosted its stake 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 valued at $37,000 after purchasing an additional 10,138 shares in the last quarter. Finally, ARK Investment Management LLC increased its position in shares of Pacific Biosciences of California by 0.6% during the third quarter. ARK Investment Management LLC now owns 33,406,401 shares of the biotechnology company’s stock valued at $56,791,000 after buying an additional 193,947 shares during the period.

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.