Pacific Biosciences of California (NASDAQ:PACB) Stock Price Down 6.4% – Here’s What Happened

Pacific Biosciences of California, Inc. (NASDAQ:PACB)’s share price traded down 6.4% on Wednesday . The company traded as low as $2.18 and last traded at $2.19. 2,256,368 shares changed hands during mid-day trading, a decline of 77% from the average session volume of 9,634,819 shares. The stock had previously closed at $2.34.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on PACB shares. UBS Group cut Pacific Biosciences of California from a “buy” rating to a “neutral” rating and set a $2.00 target price on the stock. in a research report on Monday, November 11th. Piper Sandler boosted their price objective 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. StockNews.com upgraded Pacific Biosciences of California to a “sell” rating in a research report on Tuesday, November 12th. Finally, Scotiabank cut their price target 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. One research 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. Based on data from MarketBeat, Pacific Biosciences of California has an average rating of “Hold” and a consensus price target of $3.63.

Pacific Biosciences of California Stock Down 4.4 %

The firm has a fifty day moving average of $1.98 and a 200 day moving average of $1.77. The company has a debt-to-equity ratio of 1.97, a current ratio of 9.74 and a quick ratio of 8.64.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of PACB. Assenagon Asset Management S.A. acquired a new position in Pacific Biosciences of California in the 2nd quarter valued at about $1,775,000. Marshall Wace LLP increased its stake in Pacific Biosciences of California by 226.6% during the second quarter. Marshall Wace LLP now owns 1,611,300 shares of the biotechnology company’s stock worth $2,207,000 after acquiring an additional 1,117,966 shares during the last quarter. Koss Olinger Consulting LLC acquired a new stake in Pacific Biosciences of California during the second quarter worth $1,096,000. Squarepoint Ops LLC purchased a new stake in Pacific Biosciences of California in the second quarter valued at $719,000. Finally, Federated Hermes Inc. acquired a new position in shares of Pacific Biosciences of California in the 2nd quarter valued at $612,000.

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.