Pacific Biosciences of California (NASDAQ:PACB) Trading Up 7.2% – Here’s Why

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

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. StockNews.com upgraded shares of Pacific Biosciences of California to a “sell” rating in a research report on Tuesday, November 12th. UBS Group cut 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 report on Monday, November 11th. Piper Sandler lifted their price objective on Pacific Biosciences of California from $2.00 to $2.50 and gave the company a “neutral” rating in a report on Monday, November 11th. Finally, Scotiabank dropped their target price on 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 assigned a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, Pacific Biosciences of California has a consensus rating of “Hold” and an average 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 stock’s 50 day moving average is $2.00 and its 200 day moving average is $1.77. The stock has a market capitalization of $540.88 million, a price-to-earnings ratio of -1.35 and a beta of 1.95.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Creative Planning raised its position in shares of Pacific Biosciences of California by 30.8% during the 3rd quarter. Creative Planning now owns 32,409 shares of the biotechnology company’s stock worth $55,000 after purchasing an additional 7,629 shares during the last quarter. Daiwa Securities Group Inc. raised its holdings in shares of 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 worth $322,000 after acquiring an additional 9,516 shares during the last quarter. Water Island Capital LLC lifted its position 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 acquiring an additional 9,537 shares in 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 valued at $37,000 after acquiring an additional 10,138 shares during the last quarter. Finally, Impact Partnership Wealth LLC increased its position in Pacific Biosciences of California by 44.7% during the 3rd quarter. Impact Partnership Wealth LLC now owns 39,169 shares of the biotechnology company’s stock worth $67,000 after purchasing an additional 12,093 shares in 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.