Pacific Biosciences of California, Inc. (NASDAQ:PACB) Receives $2.95 Consensus Price Target from Analysts

Shares of Pacific Biosciences of California, Inc. (NASDAQ:PACB) have been assigned an average recommendation of “Moderate Buy” from the twelve ratings firms that are currently covering the firm, Marketbeat Ratings reports. Six investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The average 12 month price objective among brokers that have issued ratings on the stock in the last year is $2.89.

Several research analysts have weighed in on PACB shares. UBS Group lowered 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 report on Monday, November 11th. The Goldman Sachs Group lowered their target price on shares of Pacific Biosciences of California from $2.25 to $1.75 and set a “neutral” rating on the stock in a research report on Thursday. Scotiabank lowered their target price on shares of 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, November 11th. Piper Sandler increased their price target on shares of Pacific Biosciences of California from $2.00 to $2.50 and gave the company a “neutral” rating in a research report on Monday, November 11th. Finally, StockNews.com upgraded shares of Pacific Biosciences of California to a “sell” rating in a research report on Thursday, January 9th.

Pacific Biosciences of California Stock Up 2.4 %

Pacific Biosciences of California stock opened at $1.69 on Thursday. The company has a debt-to-equity ratio of 1.97, a quick ratio of 8.64 and a current ratio of 9.74. The firm has a 50 day moving average price of $1.89 and a 200 day moving average price of $1.82. Pacific Biosciences of California has a fifty-two week low of $1.16 and a fifty-two week high of $7.50. The company has a market capitalization of $462.82 million, a PE ratio of -1.16 and a beta of 1.95.

Insider Buying and Selling

In other news, insider Oene Mark Van sold 34,405 shares of the stock in a transaction on Friday, January 10th. The shares were sold at an average price of $2.03, for a total value of $69,842.15. Following the completion of the transaction, the insider now owns 1,597,454 shares in the company, valued at approximately $3,242,831.62. This represents a 2.11 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 2.40% of the stock is owned by insiders.

Institutional Investors Weigh In On Pacific Biosciences of California

Hedge funds have recently made changes to their positions in the company. ARK Investment Management LLC increased its position in Pacific Biosciences of California by 0.6% in the 3rd quarter. ARK Investment Management LLC now owns 33,406,401 shares of the biotechnology company’s stock valued at $56,791,000 after acquiring an additional 193,947 shares in the last quarter. Geode Capital Management LLC increased its position in Pacific Biosciences of California by 3.7% in the 3rd quarter. Geode Capital Management LLC now owns 6,327,906 shares of the biotechnology company’s stock valued at $10,759,000 after acquiring an additional 225,034 shares in the last quarter. State Street Corp increased its position in Pacific Biosciences of California by 5.7% in the 3rd quarter. State Street Corp now owns 6,276,156 shares of the biotechnology company’s stock valued at $10,669,000 after acquiring an additional 340,766 shares in the last quarter. Soros Fund Management LLC increased its position in Pacific Biosciences of California by 23.6% in the 3rd quarter. Soros Fund Management LLC now owns 2,098,000 shares of the biotechnology company’s stock valued at $3,567,000 after acquiring an additional 400,000 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position 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 valued at $3,469,000 after acquiring an additional 82,807 shares in 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.