Analysts Set Pacific Biosciences of California, Inc. (NASDAQ:PACB) Target Price at $2.95

Shares of Pacific Biosciences of California, Inc. (NASDAQ:PACB) have been given an average rating of “Moderate Buy” by the twelve analysts that are presently covering the company, Marketbeat reports. Six investment analysts have rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is $2.95.

Several equities research analysts recently commented on PACB shares. Scotiabank reduced their price objective on Pacific Biosciences of California from $7.00 to $6.00 and set a “sector outperform” rating for the company in a report on Monday, November 11th. Piper Sandler raised their price target on shares of Pacific Biosciences of California from $2.00 to $2.50 and gave the company a “neutral” rating in a report on Monday, November 11th. StockNews.com raised shares of Pacific Biosciences of California to a “sell” rating in a report on Tuesday, November 12th. Finally, UBS Group cut shares of Pacific Biosciences of California from a “buy” rating to a “neutral” rating and set a $2.00 target price on the stock. in a report on Monday, November 11th.

Pacific Biosciences of California Stock Down 1.6 %

Pacific Biosciences of California stock opened at $1.80 on Friday. Pacific Biosciences of California has a 12 month low of $1.16 and a 12 month high of $9.51. The stock has a fifty day simple moving average of $2.00 and a two-hundred day simple moving average of $1.77. The company has a current ratio of 9.74, a quick ratio of 8.64 and a debt-to-equity ratio of 1.97. The firm has a market cap of $492.96 million, a price-to-earnings ratio of -1.23 and a beta of 1.95.

Institutional Investors Weigh In On Pacific Biosciences of California

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Water Island Capital LLC grew its holdings in 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 position in shares of Pacific Biosciences of California during the 3rd quarter valued at approximately $30,000. Impact Partnership Wealth LLC purchased a new stake in Pacific Biosciences of California in the 2nd quarter worth approximately $37,000. Atria Investments Inc raised its stake in Pacific Biosciences of California by 85.7% during the 3rd quarter. Atria Investments Inc now owns 21,968 shares of the biotechnology company’s stock worth $37,000 after acquiring an additional 10,138 shares during the period. Finally, Centiva Capital LP purchased a new position in Pacific Biosciences of California during the third quarter valued at approximately $40,000.

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.