Pacific Biosciences of California (NASDAQ:PACB) Trading 7.2% Higher – Here’s What Happened

Pacific Biosciences of California, Inc. (NASDAQ:PACB) rose 7.2% on Friday . The stock traded as high as $1.95 and last traded at $1.93. Approximately 2,157,941 shares traded hands during mid-day trading, a decline of 37% from the average daily volume of 3,437,524 shares. The stock had previously closed at $1.80.

Analyst Ratings Changes

A number of analysts have issued reports on the stock. Piper Sandler boosted 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 research note on Monday, November 11th. StockNews.com raised shares of Pacific Biosciences of California to a “sell” rating in a research note on Tuesday, November 12th. Scotiabank reduced their target price on shares of Pacific Biosciences of California from $7.00 to $6.00 and set a “sector outperform” rating on the stock in a report on Monday, November 11th. Finally, UBS Group downgraded shares of 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 note on Monday, November 11th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, Pacific Biosciences of California currently has an average rating of “Hold” and a consensus price target of $2.95.

Pacific Biosciences of California Stock Performance

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’s fifty day moving average price is $2.00 and its 200-day moving average price is $1.77. The firm has a market cap of $540.88 million, a price-to-earnings ratio of -1.35 and a beta of 1.95.

Institutional Investors Weigh In On Pacific Biosciences of California

Several large investors have recently modified their holdings of PACB. Creative Planning raised its position in Pacific Biosciences of California by 30.8% in the 3rd quarter. Creative Planning now owns 32,409 shares of the biotechnology company’s stock valued at $55,000 after purchasing an additional 7,629 shares during the last quarter. Daiwa Securities Group Inc. increased its stake in Pacific Biosciences of California by 4.2% in the second quarter. Daiwa Securities Group Inc. now owns 235,308 shares of the biotechnology company’s stock valued at $322,000 after purchasing an additional 9,516 shares during the period. Water Island Capital LLC raised its holdings in shares of Pacific Biosciences of California by 91.1% in the second quarter. Water Island Capital LLC now owns 20,000 shares of the biotechnology company’s stock valued at $27,000 after buying an additional 9,537 shares during the last quarter. Atria Investments Inc boosted its stake in shares of Pacific Biosciences of California by 85.7% during the third quarter. Atria Investments Inc now owns 21,968 shares of the biotechnology company’s stock worth $37,000 after buying an additional 10,138 shares during the period. Finally, Impact Partnership Wealth LLC grew its holdings in shares of Pacific Biosciences of California by 44.7% during the third quarter. Impact Partnership Wealth LLC now owns 39,169 shares of the biotechnology company’s stock worth $67,000 after buying an additional 12,093 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.