Pacific Biosciences of California (NASDAQ:PACB) Trading 5% Higher – Here’s What Happened

Pacific Biosciences of California, Inc. (NASDAQ:PACB) shares shot up 5% on Tuesday . The company traded as high as $2.33 and last traded at $2.29. 3,754,297 shares changed hands during trading, a decline of 61% from the average session volume of 9,625,032 shares. The stock had previously closed at $2.18.

Analysts Set New Price Targets

Several brokerages recently issued reports on PACB. Scotiabank reduced their target price on shares of 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 target price 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. Morgan Stanley lowered their price target on Pacific Biosciences of California from $4.00 to $2.00 and set an “equal weight” rating for the company in a report on Monday, August 12th. Finally, UBS Group cut Pacific Biosciences of California from a “buy” rating to a “neutral” rating and set a $2.00 price objective for the company. in a research note on Monday, November 11th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, Pacific Biosciences of California has a consensus rating of “Hold” and an average price target of $3.63.

Pacific Biosciences of California Trading Up 7.3 %

The firm has a market cap of $640.84 million, a P/E ratio of -1.64 and a beta of 1.95. The business’s 50 day moving average is $1.94 and its 200-day moving average is $1.76. The company has a quick ratio of 8.64, a current ratio of 9.74 and a debt-to-equity ratio of 1.97.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of PACB. Water Island Capital LLC lifted its holdings in Pacific Biosciences of California by 91.1% in the 2nd 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 during the last quarter. Simplicity Wealth LLC purchased a new stake in Pacific Biosciences of California in the 2nd quarter worth approximately $29,000. Atom Investors LP acquired a new stake in shares of Pacific Biosciences of California during the 3rd quarter valued at $30,000. Impact Partnership Wealth LLC purchased a new position in shares of Pacific Biosciences of California during the 2nd quarter valued at $37,000. Finally, Atria Investments Inc grew its holdings in shares of 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 valued at $37,000 after acquiring an additional 10,138 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.