Pacific Biosciences of California, Inc. (NASDAQ:PACB – Get Free Report) rose 5.3% during mid-day trading on Tuesday after Piper Sandler raised their price target on the stock from $2.00 to $2.50. Piper Sandler currently has a neutral rating on the stock. Pacific Biosciences of California traded as high as $2.66 and last traded at $2.59. Approximately 3,506,621 shares changed hands during mid-day trading, a decline of 63% from the average daily volume of 9,523,271 shares. The stock had previously closed at $2.46.
Several other analysts have also commented on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $3.50 price objective on shares of Pacific Biosciences of California in a research report on Thursday, August 8th. StockNews.com raised Pacific Biosciences of California to a “sell” rating in a research note on Tuesday, August 13th. Scotiabank dropped their price target on Pacific Biosciences of California from $8.00 to $7.00 and set a “sector outperform” rating for the company in a research note on Wednesday, August 28th. Morgan Stanley decreased their target price on Pacific Biosciences of California from $4.00 to $2.00 and set an “equal weight” rating for the company in a research report on Monday, August 12th. Finally, Canaccord Genuity Group lowered their target price on shares of Pacific Biosciences of California from $3.50 to $3.00 and set a “buy” rating for the company in a report on Thursday, August 8th. One analyst has rated the stock with a sell rating, eight have given a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, Pacific Biosciences of California presently has an average rating of “Hold” and an average price target of $3.63.
View Our Latest Research Report on PACB
Insider Activity
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently added to or reduced their stakes in PACB. ARK Investment Management LLC lifted its stake in shares of Pacific Biosciences of California by 0.6% during the 3rd quarter. ARK Investment Management LLC now owns 33,406,401 shares of the biotechnology company’s stock worth $56,791,000 after acquiring an additional 193,947 shares during the last quarter. Marshall Wace LLP grew its stake in Pacific Biosciences of California by 226.6% during the 2nd quarter. Marshall Wace LLP now owns 1,611,300 shares of the biotechnology company’s stock valued at $2,207,000 after purchasing an additional 1,117,966 shares during the last quarter. Assenagon Asset Management S.A. purchased a new position in shares of Pacific Biosciences of California in the second quarter worth about $1,775,000. Koss Olinger Consulting LLC purchased a new position in shares of Pacific Biosciences of California in the second quarter worth about $1,096,000. Finally, Squarepoint Ops LLC acquired a new stake in shares of Pacific Biosciences of California during the second quarter worth about $719,000.
Pacific Biosciences of California Trading Up 5.3 %
The stock has a 50-day moving average of $1.88 and a 200 day moving average of $1.76. The company has a quick ratio of 7.14, a current ratio of 8.01 and a debt-to-equity ratio of 1.81. The stock has a market cap of $705.85 million, a PE ratio of -1.68 and a beta of 2.01.
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.
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