Pacific Biosciences of California (NASDAQ:PACB) Stock Price Up 5% – What’s Next?

Pacific Biosciences of California, Inc. (NASDAQ:PACB)’s share price shot up 5% during mid-day trading on Tuesday . The stock traded as high as $2.33 and last traded at $2.29. 3,754,297 shares traded 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.

Analyst Ratings Changes

PACB has been the subject of a number of analyst reports. StockNews.com upgraded shares of Pacific Biosciences of California to a “sell” rating in a research note on Tuesday, November 12th. Scotiabank decreased their price objective 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 Pacific Biosciences of California from $2.00 to $2.50 and gave the company a “neutral” rating in a report on Monday, November 11th. Morgan Stanley lowered their price objective on Pacific Biosciences of California from $4.00 to $2.00 and set an “equal weight” rating on the stock in a report on Monday, August 12th. Finally, UBS Group lowered Pacific Biosciences of California from a “buy” rating to a “neutral” rating and set a $2.00 target price for the company. in a report on Monday, November 11th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, Pacific Biosciences of California presently 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 capitalization of $640.84 million, a P/E ratio of -1.64 and a beta of 1.95. The business has a 50-day moving average price of $1.94 and a 200-day moving average price of $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.

Hedge Funds Weigh In On Pacific Biosciences of California

Hedge funds and other institutional investors have recently modified their holdings of the stock. Water Island Capital LLC raised its stake 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 worth $27,000 after acquiring an additional 9,537 shares in the last quarter. Simplicity Wealth LLC acquired a new position in Pacific Biosciences of California in the second quarter valued at about $29,000. Atom Investors LP bought a new stake in Pacific Biosciences of California during the third quarter worth about $30,000. Impact Partnership Wealth LLC acquired a new stake in shares of Pacific Biosciences of California during the second quarter worth approximately $37,000. Finally, Atria Investments Inc raised its stake in shares of Pacific Biosciences of California by 85.7% in 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.

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.