Pacific Biosciences of California (NASDAQ:PACB) Stock Rating Upgraded by StockNews.com

Pacific Biosciences of California (NASDAQ:PACB) was upgraded by equities research analysts at StockNews.com to a “sell” rating in a research note issued to investors on Thursday.

Other equities analysts have also issued research reports about the stock. UBS Group lowered shares of Pacific Biosciences of California from a “buy” rating to a “neutral” rating and set a $2.00 target price for the company. in a research report on Monday, November 11th. Scotiabank cut their price objective on Pacific Biosciences of California from $7.00 to $6.00 and set a “sector outperform” rating for the company in a research report on Monday, November 11th. Finally, Piper Sandler lifted their target price on Pacific Biosciences of California from $2.00 to $2.50 and gave the stock a “neutral” rating in a report on Monday, November 11th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $2.95.

Pacific Biosciences of California Stock Performance

PACB stock opened at $2.10 on Thursday. The company has a debt-to-equity ratio of 1.97, a current ratio of 9.74 and a quick ratio of 8.64. Pacific Biosciences of California has a 1-year low of $1.16 and a 1-year high of $7.85. The business has a 50 day simple moving average of $2.00 and a two-hundred day simple moving average of $1.79. The company has a market capitalization of $575.11 million, a price-to-earnings ratio of -1.44 and a beta of 1.95.

Insider Activity

In related news, insider Oene Mark Van sold 34,405 shares of the stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $2.03, for a total value of $69,842.15. Following 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 position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 2.40% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. FMR LLC lifted its stake in shares of Pacific Biosciences of California by 641.3% during the 3rd quarter. FMR LLC now owns 408,151 shares of the biotechnology company’s stock worth $694,000 after acquiring an additional 353,092 shares during the last quarter. Squarepoint Ops LLC purchased a new stake in Pacific Biosciences of California in the second quarter worth $719,000. State Street Corp lifted its position in shares of Pacific Biosciences of California by 5.7% during the third quarter. State Street Corp now owns 6,276,156 shares of the biotechnology company’s stock worth $10,669,000 after purchasing an additional 340,766 shares during the last quarter. Soros Fund Management LLC boosted its stake in shares of Pacific Biosciences of California by 23.6% during the third quarter. Soros Fund Management LLC now owns 2,098,000 shares of the biotechnology company’s stock valued at $3,567,000 after purchasing an additional 400,000 shares during the period. Finally, Barclays PLC grew its holdings in shares of Pacific Biosciences of California by 143.0% in the third quarter. Barclays PLC now owns 595,150 shares of the biotechnology company’s stock worth $1,011,000 after purchasing an additional 350,196 shares during the last quarter.

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.