Pacific Biosciences of California (NASDAQ:PACB) Raised to “Hold” at UBS Group

Pacific Biosciences of California (NASDAQ:PACB) was upgraded by research analysts at UBS Group to a “hold” rating in a report issued on Sunday,Zacks.com reports.

A number of other analysts also recently issued reports on the stock. Piper Sandler increased their target price on shares of Pacific Biosciences of California from $2.00 to $2.50 and gave the stock a “neutral” rating in a research report on Monday. Morgan Stanley reduced their target price 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. Canaccord Genuity Group decreased their price target on shares of Pacific Biosciences of California from $3.50 to $3.00 and set a “buy” rating for the company in a report on Thursday, August 8th. Cantor Fitzgerald restated an “overweight” rating and issued a $3.50 target price on shares of Pacific Biosciences of California in a research report on Thursday, August 8th. Finally, StockNews.com upgraded shares of Pacific Biosciences of California to a “sell” rating in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $3.63.

Pacific Biosciences of California Stock Down 10.2 %

Shares of NASDAQ:PACB opened at $1.98 on Friday. The company has a market capitalization of $539.61 million, a P/E ratio of -1.36 and a beta of 2.01. The company has a quick ratio of 7.14, a current ratio of 8.01 and a debt-to-equity ratio of 1.81. The stock’s fifty day simple moving average is $1.91 and its 200-day simple moving average is $1.77. Pacific Biosciences of California has a 52-week low of $1.16 and a 52-week high of $10.65.

Insider Activity

In other news, insider Jeff Eidel sold 26,760 shares of the company’s stock in a transaction on Monday, August 19th. The stock was sold at an average price of $1.59, for a total transaction of $42,548.40. Following the transaction, the insider now owns 869,730 shares of the company’s stock, valued at $1,382,870.70. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider Jeff Eidel sold 26,760 shares of the stock in a transaction on 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 represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, 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 completion of the sale, the insider now 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 ownership of the stock. The disclosure for this sale can be found here. 2.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Pacific Biosciences of California

Several institutional investors have recently added to or reduced their stakes in PACB. ARK Investment Management LLC increased its stake in shares of Pacific Biosciences of California by 0.6% during the 3rd quarter. ARK Investment Management LLC now owns 33,406,401 shares of the biotechnology company’s stock worth $56,791,000 after purchasing an additional 193,947 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Pacific Biosciences of California by 4.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,040,303 shares of the biotechnology company’s stock valued at $3,469,000 after purchasing an additional 82,807 shares during the period. Marshall Wace LLP lifted its holdings in Pacific Biosciences of California by 226.6% in the 2nd quarter. Marshall Wace LLP now owns 1,611,300 shares of the biotechnology company’s stock valued at $2,207,000 after acquiring an additional 1,117,966 shares during the last quarter. Assenagon Asset Management S.A. acquired a new stake in shares of Pacific Biosciences of California in the second quarter worth $1,775,000. Finally, Senvest Management LLC raised its holdings in shares of Pacific Biosciences of California by 36.1% during the 3rd quarter. Senvest Management LLC now owns 1,093,954 shares of the biotechnology company’s stock valued at $1,860,000 after purchasing an additional 290,000 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.