UBS Group Downgrades Pacific Biosciences of California (NASDAQ:PACB) to Neutral

UBS Group lowered 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. UBS Group currently has $2.00 price objective on the biotechnology company’s stock.

A number of other equities analysts have also commented on the company. Piper Sandler raised their price objective on Pacific Biosciences of California from $2.00 to $2.50 and gave the stock a “neutral” rating in a research note on Monday. StockNews.com raised Pacific Biosciences of California to a “sell” rating in a research note on Tuesday, August 13th. Scotiabank cut their price objective on shares of 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. Canaccord Genuity Group decreased their target price on shares of 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, Morgan Stanley cut their price target on shares of Pacific Biosciences of California from $4.00 to $2.00 and set an “equal weight” rating for the company in a report on Monday, August 12th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $3.63.

Pacific Biosciences of California Trading Down 6.3 %

Shares of NASDAQ:PACB opened at $1.86 on Monday. The company has a debt-to-equity ratio of 1.81, a quick ratio of 7.14 and a current ratio of 8.01. Pacific Biosciences of California has a 12-month low of $1.16 and a 12-month high of $10.65. The company’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 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 value of $42,548.40. Following the completion of the transaction, the insider now owns 869,730 shares of the company’s stock, valued at $1,382,870.70. This represents a 2.98 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 2.40% of the company’s stock.

Institutional Investors Weigh In On Pacific Biosciences of California

Institutional investors have recently added to or reduced their stakes in the business. Squarepoint Ops LLC bought a new position in shares of Pacific Biosciences of California during the second quarter valued at $719,000. Quantbot Technologies LP raised its position in Pacific Biosciences of California by 330.4% during the 1st quarter. Quantbot Technologies LP now owns 88,834 shares of the biotechnology company’s stock worth $333,000 after purchasing an additional 68,195 shares during the last quarter. Assenagon Asset Management S.A. acquired a new position in Pacific Biosciences of California during the 2nd quarter worth about $1,775,000. Cetera Advisors LLC bought a new stake in shares of Pacific Biosciences of California in the 1st quarter valued at about $98,000. Finally, Marshall Wace LLP increased its stake in shares of Pacific Biosciences of California by 226.6% in the second quarter. Marshall Wace LLP now owns 1,611,300 shares of the biotechnology company’s stock valued at $2,207,000 after buying an additional 1,117,966 shares during the period.

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.