Pacific Biosciences of California (NASDAQ:PACB) Given New $8.00 Price Target at Scotiabank

Pacific Biosciences of California (NASDAQ:PACB) had its price objective cut by Scotiabank from $15.00 to $8.00 in a research note issued to investors on Thursday, Benzinga reports. They currently have a sector outperform rating on the biotechnology company’s stock.

PACB has been the topic of several other reports. Barclays decreased their price target on shares of Pacific Biosciences of California from $8.00 to $3.00 and set an equal weight rating on the stock in a research note on Wednesday, April 10th. UBS Group decreased their price objective on Pacific Biosciences of California from $12.50 to $12.00 and set a buy rating on the stock in a research report on Friday, February 16th. The Goldman Sachs Group cut their price target on Pacific Biosciences of California from $9.00 to $7.00 and set a buy rating on the stock in a research note on Wednesday, April 10th. StockNews.com upgraded Pacific Biosciences of California to a sell rating in a research report on Wednesday. Finally, TD Cowen dropped their price objective on Pacific Biosciences of California from $12.00 to $2.50 and set a buy rating for the company in a report on Wednesday. One analyst has rated the stock with a sell rating, six have given a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, Pacific Biosciences of California has an average rating of Hold and an average target price of $7.77.

Pacific Biosciences of California Trading Up 4.3 %

Shares of PACB opened at $1.46 on Thursday. The company has a current ratio of 7.81, a quick ratio of 7.21 and a debt-to-equity ratio of 1.27. The stock has a fifty day moving average price of $4.25 and a two-hundred day moving average price of $6.65. Pacific Biosciences of California has a 52-week low of $1.25 and a 52-week high of $14.55.

Pacific Biosciences of California (NASDAQ:PACB) last released its quarterly earnings results on Thursday, February 15th. The biotechnology company reported ($0.27) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.29) by $0.02. Pacific Biosciences of California had a negative return on equity of 40.23% and a negative net margin of 152.97%. The business had revenue of $58.36 million during the quarter, compared to analysts’ expectations of $57.96 million. During the same period in the previous year, the business posted ($0.35) earnings per share. The firm’s revenue for the quarter was up 113.3% compared to the same quarter last year. As a group, equities research analysts forecast that Pacific Biosciences of California will post -1.01 earnings per share for the current year.

Insider Buying and Selling

In other Pacific Biosciences of California news, insider Oene Mark Van sold 33,560 shares of the business’s stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $5.96, for a total value of $200,017.60. Following the completion of the transaction, the insider now directly owns 876,611 shares of the company’s stock, valued at $5,224,601.56. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Pacific Biosciences of California news, insider Oene Mark Van sold 33,560 shares of the firm’s stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $5.96, for a total transaction of $200,017.60. Following the sale, the insider now directly owns 876,611 shares in the company, valued at approximately $5,224,601.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director David W. Meline purchased 40,000 shares of Pacific Biosciences of California stock in a transaction dated Wednesday, March 6th. The stock was bought at an average price of $4.40 per share, with a total value of $176,000.00. Following the acquisition, the director now directly owns 40,000 shares of the company’s stock, valued at $176,000. The disclosure for this purchase can be found here. In the last quarter, insiders have sold 37,359 shares of company stock valued at $218,843. 1.90% of the stock is owned by company insiders.

Institutional Trading of Pacific Biosciences of California

Several hedge funds and other institutional investors have recently modified their holdings of the company. ARK Investment Management LLC grew its holdings in shares of Pacific Biosciences of California by 15.7% during the fourth quarter. ARK Investment Management LLC now owns 34,504,273 shares of the biotechnology company’s stock worth $338,487,000 after buying an additional 4,681,833 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Pacific Biosciences of California by 15.1% during the 4th quarter. Vanguard Group Inc. now owns 26,789,552 shares of the biotechnology company’s stock worth $262,806,000 after acquiring an additional 3,514,792 shares in the last quarter. BlackRock Inc. raised its holdings in shares of Pacific Biosciences of California by 3.1% in the second quarter. BlackRock Inc. now owns 20,822,903 shares of the biotechnology company’s stock valued at $276,945,000 after purchasing an additional 621,003 shares during the last quarter. Capital International Investors lifted its position in shares of Pacific Biosciences of California by 5.6% in the first quarter. Capital International Investors now owns 12,781,855 shares of the biotechnology company’s stock worth $116,315,000 after purchasing an additional 675,537 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its holdings in Pacific Biosciences of California by 68.5% during the second quarter. Price T Rowe Associates Inc. MD now owns 10,284,090 shares of the biotechnology company’s stock worth $45,456,000 after purchasing an additional 4,179,997 shares during 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.