Pacific Biosciences of California (NASDAQ:PACB) Price Target Lowered to $2.00 at Scotiabank

Pacific Biosciences of California (NASDAQ:PACB) had its price objective decreased by Scotiabank from $6.00 to $2.00 in a report released on Tuesday morning,Benzinga reports. Scotiabank currently has a sector outperform rating on the biotechnology company’s stock.

A number of other equities research analysts have also recently weighed in on the stock. StockNews.com raised shares of Pacific Biosciences of California to a “sell” rating in a research report on Tuesday, February 25th. Piper Sandler reissued a “neutral” rating and issued a $2.00 target price (down from $2.50) on shares of Pacific Biosciences of California in a report on Thursday, February 20th. The Goldman Sachs Group dropped their price target on Pacific Biosciences of California from $1.75 to $1.50 and set a “neutral” rating on the stock in a research note on Tuesday, February 18th. Finally, Stephens reiterated an “overweight” rating and issued a $2.50 price objective on shares of Pacific Biosciences of California in a research note on Friday, February 14th. One research analyst has rated the stock with a sell rating, six have given a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, Pacific Biosciences of California currently has a consensus rating of “Hold” and an average target price of $2.46.

Pacific Biosciences of California Trading Down 1.5 %

PACB opened at $1.31 on Tuesday. The company has a debt-to-equity ratio of 1.97, a quick ratio of 8.64 and a current ratio of 9.74. Pacific Biosciences of California has a one year low of $1.16 and a one year high of $3.89. The company has a market cap of $390.19 million, a P/E ratio of -0.80 and a beta of 1.86. The business’s 50-day simple moving average is $1.50 and its 200-day simple moving average is $1.77.

Pacific Biosciences of California (NASDAQ:PACB) last announced its quarterly earnings results on Thursday, February 13th. The biotechnology company reported ($0.20) EPS for the quarter, meeting the consensus estimate of ($0.20). The company had revenue of $39.22 million for the quarter, compared to analyst estimates of $39.20 million. Pacific Biosciences of California had a negative net margin of 200.40% and a negative return on equity of 42.89%. During the same period in the prior year, the firm posted ($0.27) earnings per share. As a group, equities research analysts expect that Pacific Biosciences of California will post -0.72 EPS for the current fiscal year.

Insiders Place Their Bets

In other Pacific Biosciences of California news, insider Michele Farmer sold 24,349 shares of the business’s stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $1.88, for a total transaction of $45,776.12. Following the transaction, the insider now owns 187,592 shares in the company, valued at approximately $352,672.96. The trade was a 11.49 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Oene Mark Van sold 34,405 shares of the firm’s stock in a transaction that occurred 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 sale, the insider now directly owns 1,597,454 shares of the company’s stock, valued at $3,242,831.62. This represents a 2.11 % 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.

Hedge Funds Weigh In On Pacific Biosciences of California

Institutional investors and hedge funds have recently made changes to their positions in the stock. PCA Investment Advisory Services Inc. lifted its stake in shares of Pacific Biosciences of California by 50.0% in the fourth quarter. PCA Investment Advisory Services Inc. now owns 15,000 shares of the biotechnology company’s stock valued at $27,000 after purchasing an additional 5,000 shares during the period. Atom Investors LP purchased a new position in Pacific Biosciences of California in the third quarter valued at about $30,000. First Trust Advisors LP acquired a new stake in shares of Pacific Biosciences of California during the 4th quarter valued at approximately $42,000. Centiva Capital LP purchased a new stake in shares of Pacific Biosciences of California during the 3rd quarter worth approximately $40,000. Finally, Boothbay Fund Management LLC acquired a new stake in shares of Pacific Biosciences of California in the 4th quarter worth approximately $43,000.

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.