Pacific Biosciences of California (NASDAQ:PACB) Given New $1.75 Price Target at The Goldman Sachs Group

Pacific Biosciences of California (NASDAQ:PACB) had its price target trimmed by The Goldman Sachs Group from $2.25 to $1.75 in a report issued on Thursday,Benzinga reports. The firm currently has a neutral rating on the biotechnology company’s stock.

Several other equities analysts have also recently issued reports on the company. Piper Sandler boosted their price target on Pacific Biosciences of California from $2.00 to $2.50 and gave the company a “neutral” rating in a research report on Monday, November 11th. UBS Group lowered 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. StockNews.com upgraded Pacific Biosciences of California to a “sell” rating in a research note on Thursday, January 9th. Finally, Scotiabank lowered their price objective on shares of Pacific Biosciences of California from $7.00 to $6.00 and set a “sector outperform” rating on the stock in a research report on Monday, November 11th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $2.89.

Pacific Biosciences of California Stock Performance

PACB opened at $1.65 on Thursday. The company has a current ratio of 9.74, a quick ratio of 8.64 and a debt-to-equity ratio of 1.97. Pacific Biosciences of California has a one year low of $1.16 and a one year high of $7.50. The business’s 50-day simple moving average is $1.89 and its 200-day simple moving average is $1.82.

Insider Buying and Selling

In other Pacific Biosciences of California 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 value of $69,842.15. Following the completion of the transaction, the insider now 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 2.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Pacific Biosciences of California

Large investors have recently bought and sold shares of the stock. Hsbc Holdings PLC grew its stake in shares of Pacific Biosciences of California by 71.2% in the 2nd quarter. Hsbc Holdings PLC now owns 79,122 shares of the biotechnology company’s stock worth $106,000 after purchasing an additional 32,899 shares during the last quarter. Benjamin F. Edwards & Company Inc. boosted its holdings in Pacific Biosciences of California by 5,755.9% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 141,830 shares of the biotechnology company’s stock worth $194,000 after buying an additional 139,408 shares in the last quarter. Canada Pension Plan Investment Board acquired a new position in Pacific Biosciences of California in the second quarter worth approximately $93,000. Marshall Wace LLP increased its holdings in shares of Pacific Biosciences of California by 226.6% in the second quarter. Marshall Wace LLP now owns 1,611,300 shares of the biotechnology company’s stock valued at $2,207,000 after buying an additional 1,117,966 shares in the last quarter. Finally, Squarepoint Ops LLC acquired a new stake in shares of Pacific Biosciences of California during the 2nd quarter valued at $719,000.

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.