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

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

Several other equities analysts also recently commented on PACB. Piper Sandler reissued a “neutral” rating and issued a $2.00 target price (down previously from $2.50) on shares of Pacific Biosciences of California in a report on Thursday, February 20th. The Goldman Sachs Group dropped their price objective on shares of Pacific Biosciences of California from $1.75 to $1.50 and set a “neutral” rating for the company in a report on Tuesday, February 18th. Stephens reaffirmed an “overweight” rating and issued a $2.50 target price on shares of Pacific Biosciences of California in a report on Friday, February 14th. Finally, StockNews.com raised Pacific Biosciences of California to a “sell” rating in a research note on Tuesday, February 25th. One investment 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. Based on data from MarketBeat, Pacific Biosciences of California has a consensus rating of “Hold” and a consensus price target of $2.46.

Pacific Biosciences of California Trading Down 2.4 %

Shares of PACB stock opened at $1.24 on Tuesday. The company has a debt-to-equity ratio of 1.97, a quick ratio of 8.64 and a current ratio of 9.74. The stock has a fifty day simple moving average of $1.48 and a two-hundred day simple moving average of $1.77. The firm has a market capitalization of $369.34 million, a PE ratio of -0.76 and a beta of 1.86. 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 earnings results on Thursday, February 13th. The biotechnology company reported ($0.20) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.20). Pacific Biosciences of California had a negative return on equity of 42.89% and a negative net margin of 200.40%. The company had revenue of $39.22 million for the quarter, compared to the consensus estimate of $39.20 million. During the same quarter last year, the company earned ($0.27) EPS. On average, analysts predict that Pacific Biosciences of California will post -0.72 EPS for the current fiscal year.

Insider Activity

In related news, insider Oene Mark Van sold 34,405 shares of the company’s stock in a transaction dated 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 in the company, valued at approximately $3,242,831.62. This represents a 2.11 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Michele Farmer sold 24,349 shares of the firm’s stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $1.88, for a total transaction of $45,776.12. Following the completion of the sale, the insider now directly owns 187,592 shares of the company’s stock, valued at approximately $352,672.96. The trade was a 11.49 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 2.40% of the company’s stock.

Hedge Funds Weigh In On Pacific Biosciences of California

Large investors have recently bought and sold shares of the business. PCA Investment Advisory Services Inc. increased its position in shares of Pacific Biosciences of California by 50.0% during the fourth quarter. PCA Investment Advisory Services Inc. now owns 15,000 shares of the biotechnology company’s stock worth $27,000 after acquiring an additional 5,000 shares during the period. Atom Investors LP bought a new position in Pacific Biosciences of California in the third quarter worth approximately $30,000. Centiva Capital LP bought a new position in Pacific Biosciences of California in the third quarter worth approximately $40,000. First Trust Advisors LP purchased a new position in Pacific Biosciences of California during the 4th quarter worth $42,000. Finally, Boothbay Fund Management LLC purchased a new stake in shares of Pacific Biosciences of California in the 4th quarter worth $43,000.

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.