Pacific Biosciences of California (NASDAQ:PACB) Upgraded to Sell at StockNews.com

Pacific Biosciences of California (NASDAQ:PACB) was upgraded by equities researchers at StockNews.com to a “sell” rating in a report released on Thursday.

A number of other analysts also recently issued reports on the company. UBS Group downgraded Pacific Biosciences of California from a “buy” rating to a “neutral” rating and set a $2.00 price target for the company. in a research report on Monday, November 11th. Scotiabank dropped their target price on shares of Pacific Biosciences of California from $7.00 to $6.00 and set a “sector outperform” rating for the company in a research report on Monday, November 11th. Finally, Piper Sandler increased their price target 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, November 11th. One research analyst has rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, Pacific Biosciences of California currently has a consensus rating of “Hold” and an average target price of $2.95.

Pacific Biosciences of California Price Performance

Shares of PACB traded up $0.10 during mid-day trading on Thursday, reaching $2.10. 13,301,742 shares of the stock traded hands, compared to its average volume of 9,382,039. The company has a market cap of $575.11 million, a price-to-earnings ratio of -1.44 and a beta of 1.95. Pacific Biosciences of California has a 1 year low of $1.16 and a 1 year high of $8.48. The firm has a fifty day moving average price of $2.00 and a 200 day moving average price of $1.79. The company has a current ratio of 9.74, a quick ratio of 8.64 and a debt-to-equity ratio of 1.97.

Hedge Funds Weigh In On Pacific Biosciences of California

Large investors have recently added to or reduced their stakes in the business. Water Island Capital LLC boosted its stake in shares of Pacific Biosciences of California by 91.1% during 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 during the period. Atom Investors LP bought a new stake in Pacific Biosciences of California in the 3rd quarter worth $30,000. Atria Investments Inc increased its position in shares of 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 acquiring an additional 10,138 shares during the period. Centiva Capital LP purchased a new stake in shares of Pacific Biosciences of California during the third quarter worth about $40,000. Finally, Ballentine Partners LLC bought a new stake in shares of Pacific Biosciences of California in the third quarter worth about $43,000.

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.