Piper Sandler Issues Positive Forecast for Pacific Biosciences of California (NASDAQ:PACB) Stock Price

Pacific Biosciences of California (NASDAQ:PACB) had its price objective hoisted by Piper Sandler from $2.00 to $2.50 in a report released on Monday morning,Benzinga reports. The brokerage currently has a neutral rating on the biotechnology company’s stock.

Several other equities research analysts also recently weighed in on the company. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $3.50 price target on shares of Pacific Biosciences of California in a report on Thursday, August 8th. Morgan Stanley decreased their price target on 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. Scotiabank decreased their price target on Pacific Biosciences of California from $8.00 to $7.00 and set a “sector outperform” rating for the company in a report on Wednesday, August 28th. StockNews.com raised Pacific Biosciences of California to a “sell” rating in a report on Tuesday, August 13th. Finally, Canaccord Genuity Group cut their price objective on Pacific Biosciences of California from $3.50 to $3.00 and set a “buy” rating for the company in a research report on Thursday, August 8th. 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 stock. According to data from MarketBeat.com, Pacific Biosciences of California has an average rating of “Hold” and a consensus price target of $3.63.

Pacific Biosciences of California Price Performance

PACB stock opened at $2.46 on Monday. The company has a market capitalization of $670.42 million, a P/E ratio of -1.68 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 business has a 50 day simple moving average of $1.88 and a 200-day simple moving average of $1.76. The company has a current ratio of 8.01, a quick ratio of 7.14 and a debt-to-equity ratio of 1.81.

Insiders Place Their Bets

In other Pacific Biosciences of California 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 approximately $1,382,870.70. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, insider Oene Mark Van sold 38,011 shares of Pacific Biosciences of California stock in a transaction dated 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 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 position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Jeff Eidel sold 26,760 shares of Pacific Biosciences of California stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $1.59, for a total value of $42,548.40. Following the completion of the transaction, the insider now directly owns 869,730 shares in the company, valued at $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

Several hedge funds and other institutional investors have recently modified their holdings of the company. Clear Harbor Asset Management LLC lifted its stake in shares of Pacific Biosciences of California by 4.4% in the 2nd quarter. Clear Harbor Asset Management LLC now owns 119,936 shares of the biotechnology company’s stock valued at $164,000 after purchasing an additional 5,000 shares in the last quarter. Swiss National Bank lifted its stake in shares of Pacific Biosciences of California by 1.3% in the 1st quarter. Swiss National Bank now owns 475,246 shares of the biotechnology company’s stock valued at $1,782,000 after purchasing an additional 6,200 shares in the last quarter. Creative Planning raised its holdings in shares of Pacific Biosciences of California by 30.8% during the 3rd quarter. Creative Planning now owns 32,409 shares of the biotechnology company’s stock valued at $55,000 after buying an additional 7,629 shares during the period. Headlands Technologies LLC purchased a new stake in shares of Pacific Biosciences of California during the 1st quarter valued at about $32,000. Finally, Daiwa Securities Group Inc. raised its holdings in shares of Pacific Biosciences of California by 4.2% during the 2nd quarter. Daiwa Securities Group Inc. now owns 235,308 shares of the biotechnology company’s stock valued at $322,000 after buying an additional 9,516 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.