Piper Sandler Boosts Pacific Biosciences of California (NASDAQ:PACB) Price Target to $2.50

Pacific Biosciences of California (NASDAQ:PACB) had its price objective lifted by Piper Sandler from $2.00 to $2.50 in a research report sent to investors on Monday,Benzinga reports. Piper Sandler currently has a neutral rating on the biotechnology company’s stock.

Several other equities research analysts have also issued reports on the stock. StockNews.com upgraded shares of Pacific Biosciences of California to a “sell” rating in a research note on Tuesday, August 13th. Cantor Fitzgerald restated an “overweight” rating and issued a $3.50 price target on shares of Pacific Biosciences of California in a research note on Thursday, August 8th. Canaccord Genuity Group dropped their price objective on Pacific Biosciences of California from $3.50 to $3.00 and set a “buy” rating on the stock in a research note on Thursday, August 8th. Morgan Stanley decreased their target price on shares of Pacific Biosciences of California from $4.00 to $2.00 and set an “equal weight” rating for the company in a research note on Monday, August 12th. Finally, Scotiabank dropped their price target on shares of Pacific Biosciences of California from $8.00 to $7.00 and set a “sector outperform” rating on the stock in a research report on Wednesday, August 28th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $3.63.

Pacific Biosciences of California Price Performance

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

Insider Activity at Pacific Biosciences of California

In other Pacific Biosciences of California news, insider Jeff Eidel sold 26,760 shares of the business’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $1.59, for a total value of $42,548.40. Following the completion of the sale, the insider now owns 869,730 shares of the company’s stock, valued at $1,382,870.70. The trade was a 2.98 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 2.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Pacific Biosciences of California

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Water Island Capital LLC increased its stake 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 worth $27,000 after acquiring an additional 9,537 shares during the period. Simplicity Wealth LLC acquired a new position in Pacific Biosciences of California in the second quarter valued at about $29,000. Headlands Technologies LLC bought a new stake in Pacific Biosciences of California during the first quarter worth about $32,000. Impact Partnership Wealth LLC acquired a new stake in Pacific Biosciences of California during the second quarter worth about $37,000. Finally, Atria Investments Inc raised its position in shares of Pacific Biosciences of California by 85.7% in the 3rd quarter. Atria Investments Inc now owns 21,968 shares of the biotechnology company’s stock valued at $37,000 after buying an additional 10,138 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.