Pacific Biosciences of California (NASDAQ:PACB) Trading Up 5.3% After Analyst Upgrade

Pacific Biosciences of California, Inc. (NASDAQ:PACB) shares were up 5.3% on Tuesday after StockNews.com upgraded the stock to a sell rating. The stock traded as high as $2.66 and last traded at $2.59. Approximately 3,506,621 shares changed hands during mid-day trading, a decline of 63% from the average daily volume of 9,523,271 shares. The stock had previously closed at $2.46.

PACB has been the subject of a number of other reports. Cantor Fitzgerald reiterated an “overweight” rating and set a $3.50 price objective on shares of Pacific Biosciences of California in a research note on Thursday, August 8th. Scotiabank reduced 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 research note on Monday. UBS Group cut shares of 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 note on Monday. Canaccord Genuity Group cut their price target on Pacific Biosciences of California from $3.50 to $3.00 and set a “buy” rating for the company in a research note on Thursday, August 8th. Finally, Morgan Stanley decreased 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 report on Monday, August 12th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $3.63.

Insider Buying and Selling at Pacific Biosciences of California

In other news, 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 sale, the insider now directly owns 1,630,815 shares in the company, valued at $2,707,152.90. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, insider Jeff Eidel sold 26,760 shares of the company’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $1.59, for a total transaction of $42,548.40. Following the transaction, the insider now directly owns 869,730 shares in the company, valued at approximately $1,382,870.70. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Oene Mark Van sold 38,011 shares of the stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $1.66, for a total transaction of $63,098.26. Following the completion of the sale, the insider now directly owns 1,630,815 shares in the company, 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 company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of PACB. Quantbot Technologies LP grew its position in Pacific Biosciences of California by 330.4% in the 1st quarter. Quantbot Technologies LP now owns 88,834 shares of the biotechnology company’s stock valued at $333,000 after acquiring an additional 68,195 shares during the last quarter. SG Americas Securities LLC bought a new stake in Pacific Biosciences of California during the first quarter valued at about $80,000. Swiss National Bank lifted its position in shares of Pacific Biosciences of California by 1.3% during the first quarter. Swiss National Bank now owns 475,246 shares of the biotechnology company’s stock valued at $1,782,000 after buying an additional 6,200 shares during the last quarter. Headlands Technologies LLC acquired a new stake in Pacific Biosciences of California in the first quarter valued at approximately $32,000. Finally, Interchange Capital Partners LLC grew its stake in Pacific Biosciences of California by 53.1% during the 1st quarter. Interchange Capital Partners LLC now owns 28,641 shares of the biotechnology company’s stock worth $114,000 after buying an additional 9,932 shares during the last quarter.

Pacific Biosciences of California Stock Down 10.4 %

The company has a current ratio of 8.01, a quick ratio of 7.14 and a debt-to-equity ratio of 1.81. The company’s 50-day moving average is $1.89 and its 200 day moving average is $1.76. The stock has a market capitalization of $600.93 million, a PE ratio of -1.51 and a beta of 2.01.

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.