Scotiabank Has Lowered Expectations for Pacific Biosciences of California (NASDAQ:PACB) Stock Price

Pacific Biosciences of California (NASDAQ:PACB) had its target price dropped by research analysts at Scotiabank from $6.00 to $2.00 in a report released on Tuesday,Benzinga reports. The firm presently has a “sector outperform” rating on the biotechnology company’s stock. Scotiabank’s price objective would indicate a potential upside of 53.26% from the stock’s previous close.

Other equities research analysts have also issued research reports about the stock. Piper Sandler reissued a “neutral” rating and set a $2.00 price objective (down previously from $2.50) on shares of Pacific Biosciences of California in a report on Thursday, February 20th. StockNews.com raised shares of Pacific Biosciences of California to a “sell” rating in a report on Tuesday, February 25th. The Goldman Sachs Group reduced their price objective on Pacific Biosciences of California from $1.75 to $1.50 and set a “neutral” rating on the stock in a report on Tuesday, February 18th. Finally, Stephens reissued an “overweight” rating and issued a $2.50 target price on shares of Pacific Biosciences of California in a research note on Friday, February 14th. One analyst has rated the stock with a sell rating, six have issued a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $2.46.

Pacific Biosciences of California Price Performance

Shares of NASDAQ:PACB traded down $0.03 during trading on Tuesday, reaching $1.31. The stock had a trading volume of 1,024,269 shares, compared to its average volume of 10,030,158. The stock has a market capitalization of $388.70 million, a PE ratio of -0.80 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. The business’s 50-day moving average price is $1.51 and its 200 day moving average price is $1.77. The company has a debt-to-equity ratio of 1.97, a current ratio of 9.74 and a quick ratio of 8.64.

Pacific Biosciences of California (NASDAQ:PACB) last posted its quarterly earnings data on Thursday, February 13th. The biotechnology company reported ($0.20) EPS for the quarter, hitting analysts’ consensus estimates 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 analyst estimates of $39.20 million. During the same quarter in the previous year, the firm earned ($0.27) earnings per share. As a group, equities analysts predict that Pacific Biosciences of California will post -0.72 earnings per share for the current year.

Insider Buying and Selling at Pacific Biosciences of California

In other news, insider Oene Mark Van sold 34,405 shares of the company’s stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $2.03, for a total value of $69,842.15. Following the completion of the sale, the insider now directly owns 1,597,454 shares of the company’s stock, valued at $3,242,831.62. This represents a 2.11 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Michele Farmer sold 24,349 shares of Pacific Biosciences of California stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $1.88, for a total transaction of $45,776.12. Following the transaction, the insider now directly owns 187,592 shares in the company, valued at $352,672.96. The trade was a 11.49 % decrease in their position. 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

Several hedge funds have recently added to or reduced their stakes in the business. PCA Investment Advisory Services Inc. grew its stake in Pacific Biosciences of California by 50.0% in the fourth quarter. PCA Investment Advisory Services Inc. now owns 15,000 shares of the biotechnology company’s stock valued at $27,000 after acquiring an additional 5,000 shares during the period. Atom Investors LP acquired a new position in shares of Pacific Biosciences of California in the 3rd quarter valued at approximately $30,000. Centiva Capital LP bought a new stake in Pacific Biosciences of California during the 3rd quarter worth approximately $40,000. First Trust Advisors LP acquired a new stake in Pacific Biosciences of California during the 4th quarter worth approximately $42,000. Finally, Boothbay Fund Management LLC bought a new position in Pacific Biosciences of California in the fourth quarter valued at approximately $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.