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

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. Piper Sandler currently has a neutral rating on the biotechnology company’s stock.

PACB has been the topic of several other reports. StockNews.com upgraded Pacific Biosciences of California to a “sell” rating in a report on Tuesday, August 13th. Scotiabank lowered their target price on Pacific Biosciences of California from $8.00 to $7.00 and set a “sector outperform” rating on the stock in a report on Wednesday, August 28th. Morgan Stanley lowered 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 lowered their target price on Pacific Biosciences of California from $3.50 to $3.00 and set a “buy” rating on the stock in a report on Thursday, August 8th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $3.50 target price on shares of Pacific Biosciences of California in a report on Thursday, August 8th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $3.63.

Pacific Biosciences of California Price Performance

NASDAQ:PACB opened at $2.46 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 52 week low of $1.16 and a 52 week high of $10.65. The stock has a market capitalization of $670.42 million, a PE ratio of -1.68 and a beta of 2.01. The stock’s 50-day moving average price is $1.88 and its 200-day moving average price is $1.76.

Insiders Place Their Bets

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 transaction of $42,548.40. Following the sale, the insider now directly owns 869,730 shares in the company, valued at $1,382,870.70. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Oene Mark Van sold 38,011 shares of the company’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $1.66, for a total transaction of $63,098.26. Following the sale, the insider now directly owns 1,630,815 shares in the company, valued at approximately $2,707,152.90. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jeff Eidel sold 26,760 shares of the company’s 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 sale, the insider now owns 869,730 shares in the company, valued at $1,382,870.70. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.40% of the company’s stock.

Institutional Trading of Pacific Biosciences of California

A number of large investors have recently made changes to their positions in PACB. Water Island Capital LLC boosted its holdings in Pacific Biosciences of California by 91.1% in the second 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 in the last quarter. Simplicity Wealth LLC acquired a new position in Pacific Biosciences of California in the second quarter valued at approximately $29,000. Headlands Technologies LLC acquired a new position in Pacific Biosciences of California in the first quarter valued at approximately $32,000. Impact Partnership Wealth LLC acquired a new position in Pacific Biosciences of California in the second quarter valued at approximately $37,000. Finally, Atria Investments Inc boosted its holdings in Pacific Biosciences of California by 85.7% in the third quarter. Atria Investments Inc now owns 21,968 shares of the biotechnology company’s stock valued at $37,000 after purchasing an additional 10,138 shares in 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.