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

Pacific Biosciences of California (NASDAQ:PACB) had its price objective reduced by Scotiabank from $6.00 to $2.00 in a research note published on Tuesday,Benzinga reports. They currently have a sector outperform rating on the biotechnology company’s stock.

PACB has been the subject of a number of other research reports. The Goldman Sachs Group cut their price target on shares of Pacific Biosciences of California from $1.75 to $1.50 and set a “neutral” rating for the company in a research note on Tuesday, February 18th. StockNews.com upgraded shares of Pacific Biosciences of California to a “sell” rating in a research report on Tuesday, February 25th. Piper Sandler restated a “neutral” rating and set a $2.00 price target (down previously from $2.50) on shares of Pacific Biosciences of California in a research report on Thursday, February 20th. Finally, Stephens reiterated an “overweight” rating and issued a $2.50 price objective on shares of Pacific Biosciences of California in a report on Friday, February 14th. One analyst has rated the stock with a sell rating, six have given a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $2.46.

Pacific Biosciences of California Stock Performance

NASDAQ:PACB opened at $1.24 on Tuesday. The business’s fifty day moving average is $1.48 and its 200 day moving average is $1.77. The firm has a market cap of $369.34 million, a price-to-earnings ratio of -0.76 and a beta of 1.86. 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 52-week low of $1.16 and a 52-week high of $3.89.

Pacific Biosciences of California (NASDAQ:PACB) last issued its quarterly earnings data on Thursday, February 13th. The biotechnology company reported ($0.20) EPS for the quarter, meeting the consensus estimate of ($0.20). Pacific Biosciences of California had a negative net margin of 200.40% and a negative return on equity of 42.89%. The company had revenue of $39.22 million during the quarter, compared to analysts’ expectations of $39.20 million. During the same quarter in the previous year, the company earned ($0.27) earnings per share. Research analysts predict that Pacific Biosciences of California will post -0.72 EPS for the current year.

Insider Activity at Pacific Biosciences of California

In other Pacific Biosciences of California news, insider Michele Farmer sold 24,349 shares of the company’s stock in a transaction dated Tuesday, February 18th. The shares were 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. This represents a 11.49 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Oene Mark Van sold 34,405 shares of the business’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 transaction of $69,842.15. Following the transaction, the insider now directly owns 1,597,454 shares of the company’s stock, valued at $3,242,831.62. The trade was 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.

Institutional Investors Weigh In On Pacific Biosciences of California

Several hedge funds and other institutional investors have recently made changes to their positions in PACB. Toronto Dominion Bank purchased a new stake in shares of Pacific Biosciences of California in the 4th quarter worth $1,556,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Pacific Biosciences of California by 7.4% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 551,904 shares of the biotechnology company’s stock worth $1,010,000 after buying an additional 38,103 shares in the last quarter. Two Sigma Advisers LP raised its stake in shares of Pacific Biosciences of California by 19.8% in the fourth quarter. Two Sigma Advisers LP now owns 167,900 shares of the biotechnology company’s stock worth $307,000 after buying an additional 27,800 shares during the period. Two Sigma Investments LP raised its stake in shares of Pacific Biosciences of California by 139.4% in the fourth quarter. Two Sigma Investments LP now owns 1,113,577 shares of the biotechnology company’s stock worth $2,038,000 after buying an additional 648,407 shares during the period. Finally, Softbank Group CORP. purchased a new position in shares of Pacific Biosciences of California during the 4th quarter valued at about $37,426,000.

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.