Scotiabank Has Lowered Expectations for Pacific Biosciences of California (NASDAQ:PACB) Stock Price

Pacific Biosciences of California (NASDAQ:PACB) had its target price cut by equities research analysts at Scotiabank from $7.00 to $6.00 in a report issued on Monday,Benzinga reports. The brokerage presently has a “sector outperform” rating on the biotechnology company’s stock. Scotiabank’s price target suggests a potential upside of 172.11% from the stock’s current price.

Several other research analysts have also weighed in on PACB. UBS Group lowered Pacific Biosciences of California from a “buy” rating to a “neutral” rating and set a $2.00 target price on the stock. in a research report on Monday. 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 target price on shares of 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. Piper Sandler upped their price objective on shares of Pacific Biosciences of California from $2.00 to $2.50 and gave the stock a “neutral” rating in a report on Monday. Finally, Canaccord Genuity Group decreased 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 report on Thursday, August 8th. One 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, the company currently has an average rating of “Hold” and a consensus target price of $3.63.

Pacific Biosciences of California Stock Down 10.4 %

Pacific Biosciences of California stock opened at $2.21 on Monday. The firm’s 50 day moving average price is $1.89 and its two-hundred day moving average price is $1.76. The firm has a market cap of $600.93 million, a PE ratio of -1.51 and a beta of 2.01. Pacific Biosciences of California has a twelve month low of $1.16 and a twelve month 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.

Insider Buying and Selling

In other news, insider Oene Mark Van sold 38,011 shares of Pacific Biosciences of California stock in a transaction 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 transaction, the insider now directly owns 1,630,815 shares of the company’s stock, valued at $2,707,152.90. This trade 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. In other news, insider Jeff Eidel sold 26,760 shares of the business’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 owns 869,730 shares of the company’s stock, valued at $1,382,870.70. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Oene Mark Van sold 38,011 shares of the 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 transaction, the insider now directly owns 1,630,815 shares of the company’s stock, valued at $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 insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of PACB. Squarepoint Ops LLC bought a new position in Pacific Biosciences of California in the 2nd quarter valued at about $719,000. Quantbot Technologies LP lifted its holdings in Pacific Biosciences of California by 330.4% during the 1st quarter. Quantbot Technologies LP now owns 88,834 shares of the biotechnology company’s stock worth $333,000 after purchasing an additional 68,195 shares during the last quarter. Assenagon Asset Management S.A. bought a new stake in Pacific Biosciences of California in the 2nd quarter valued at $1,775,000. Cetera Advisors LLC acquired a new position in Pacific Biosciences of California in the 1st quarter valued at $98,000. Finally, Marshall Wace LLP increased its position in 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 buying an additional 1,117,966 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.