Pacific Biosciences of California (NASDAQ:PACB) Rating Lowered to “Neutral” at UBS Group

UBS Group downgraded shares of Pacific Biosciences of California (NASDAQ:PACB) from a buy rating to a neutral rating in a report issued on Monday, MarketBeat.com reports. They currently have $2.00 price target on the biotechnology company’s stock.

Other analysts also recently issued reports about the stock. Piper Sandler raised 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 report on Monday. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $3.50 price objective on shares of Pacific Biosciences of California in a research report on Thursday, August 8th. Canaccord Genuity Group dropped their price target 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 cut 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. Finally, StockNews.com upgraded Pacific Biosciences of California to a “sell” rating in a report on Tuesday, August 13th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $3.63.

Pacific Biosciences of California Stock Down 6.3 %

PACB stock opened at $1.86 on Monday. 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. The business’s 50-day moving average price is $1.92 and its two-hundred day moving average price is $1.77.

Insider Activity

In other news, insider Jeff Eidel sold 26,760 shares of Pacific Biosciences of California stock in a transaction that occurred 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 completion of the transaction, the insider now directly owns 869,730 shares in the company, valued at approximately $1,382,870.70. The trade was a 2.98 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 2.40% of the company’s stock.

Institutional Investors Weigh In On Pacific Biosciences of California

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