Pacific Biosciences of California (NASDAQ:PACB) Stock Price Expected to Rise, Piper Sandler Analyst Says

Pacific Biosciences of California (NASDAQ:PACB) had its target price boosted by Piper Sandler from $2.00 to $2.50 in a research report report published on Monday morning,Benzinga reports. They currently have a neutral rating on the biotechnology company’s stock.

PACB has been the subject of several other reports. Canaccord Genuity Group lowered 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. Scotiabank dropped their target price on Pacific Biosciences of California from $8.00 to $7.00 and set a “sector outperform” rating for the company in a research report on Wednesday, August 28th. Morgan Stanley reduced 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. StockNews.com upgraded shares of Pacific Biosciences of California to a “sell” rating in a research report on Tuesday, August 13th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $3.50 price target on shares of Pacific Biosciences of California in a research report on Thursday, August 8th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $3.63.

Pacific Biosciences of California Trading Down 6.3 %

PACB opened at $1.86 on Monday. The company’s 50 day moving average is $1.92 and its 200-day moving average is $1.77. The company has a market cap of $505.54 million, a P/E ratio of -1.27 and a beta of 2.01. Pacific Biosciences of California has a 1-year low of $1.16 and a 1-year high of $10.65. The company has a current ratio of 8.01, a quick ratio of 7.14 and a debt-to-equity ratio of 1.81.

Insider Activity at Pacific Biosciences of California

In other 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 completion of the transaction, the insider now directly owns 869,730 shares of the company’s stock, valued at approximately $1,382,870.70. This represents a 2.98 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 2.40% of the stock is owned by insiders.

Hedge Funds Weigh In On Pacific Biosciences of California

Several hedge funds have recently made changes to their positions in PACB. Headlands Technologies LLC bought a new stake in Pacific Biosciences of California during the 1st quarter valued at approximately $32,000. Kennedy Capital Management LLC purchased a new stake in shares of Pacific Biosciences of California in the first quarter worth $64,000. Water Island Capital LLC grew its position in Pacific Biosciences of California by 91.1% during the 2nd quarter. Water Island Capital LLC now owns 20,000 shares of the biotechnology company’s stock valued at $27,000 after purchasing an additional 9,537 shares during the last quarter. Simplicity Wealth LLC bought a new position in shares of Pacific Biosciences of California in the second quarter worth approximately $29,000. Finally, SG Americas Securities LLC bought a new stake in shares of Pacific Biosciences of California during the first quarter valued at approximately $80,000.

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.