Pacific Biosciences of California (NASDAQ:PACB) Raised to Sell at StockNews.com

Pacific Biosciences of California (NASDAQ:PACB) was upgraded by StockNews.com to a “sell” rating in a report issued on Tuesday.

A number of other analysts also recently issued reports on the company. Canaccord Genuity Group lowered their target price on Pacific Biosciences of California from $3.50 to $3.00 and set a “buy” rating on the stock in a research report on Thursday, August 8th. Piper Sandler boosted their price target on Pacific Biosciences of California from $2.00 to $2.50 and gave the stock a “neutral” rating in a research report on Monday. Morgan Stanley lowered their price target on Pacific Biosciences of California from $4.00 to $2.00 and set an “equal weight” rating on the stock in a research report on Monday, August 12th. Scotiabank lowered their price target on Pacific Biosciences of California from $7.00 to $6.00 and set a “sector outperform” rating on the stock in a research report on Monday. Finally, 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. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $3.63.

Pacific Biosciences of California Price Performance

NASDAQ:PACB opened at $1.98 on Tuesday. 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 stock’s 50-day simple moving average is $1.91 and its 200 day simple moving average is $1.77. The company has a market cap of $539.61 million, a P/E ratio of -1.36 and a beta of 2.01. Pacific Biosciences of California has a 52-week low of $1.16 and a 52-week high of $10.65.

Insider Activity

In other news, insider Oene Mark Van sold 38,011 shares of the company’s stock in a transaction that occurred on Friday, August 16th. The stock was 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 of the company’s stock, valued at approximately $2,707,152.90. This 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 can be accessed through this link. In related news, insider Jeff Eidel sold 26,760 shares of the business’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 value of $42,548.40. Following the completion of the sale, the insider now directly owns 869,730 shares in the company, valued at approximately $1,382,870.70. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Oene Mark Van sold 38,011 shares of the business’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 value of $63,098.26. Following the completion of the sale, the insider now owns 1,630,815 shares of the company’s stock, valued at approximately $2,707,152.90. This trade 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 company insiders.

Institutional Investors Weigh In On Pacific Biosciences of California

Several institutional investors have recently made changes to their positions in the stock. ARK Investment Management LLC boosted its stake in shares of Pacific Biosciences of California by 0.6% in 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. Charles Schwab Investment Management Inc. boosted its stake in shares of Pacific Biosciences of California by 4.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,040,303 shares of the biotechnology company’s stock valued at $3,469,000 after buying an additional 82,807 shares during the period. Marshall Wace LLP boosted its stake in shares of Pacific Biosciences of California by 226.6% in the second quarter. Marshall Wace LLP now owns 1,611,300 shares of the biotechnology company’s stock valued at $2,207,000 after buying an additional 1,117,966 shares during the period. Assenagon Asset Management S.A. bought a new stake in shares of Pacific Biosciences of California in the second quarter valued at approximately $1,775,000. Finally, Senvest Management LLC lifted its stake in 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 worth $1,860,000 after purchasing an additional 290,000 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.