Pacific Biosciences of California (NASDAQ:PACB) Stock Price Up 8.5% – Here’s What Happened

Pacific Biosciences of California, Inc. (NASDAQ:PACB)’s stock price shot up 8.5% on Wednesday . The stock traded as high as $1.87 and last traded at $1.85. 2,130,217 shares were traded during mid-day trading, a decline of 79% from the average session volume of 10,105,922 shares. The stock had previously closed at $1.70.

Analysts Set New Price Targets

PACB has been the topic of a number of recent analyst reports. StockNews.com upgraded Pacific Biosciences of California to a “sell” rating in a research report on Thursday, January 9th. UBS Group cut shares of 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 report on Monday, November 11th. Scotiabank cut their target price on shares of 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. Piper Sandler upped their price target on shares of Pacific Biosciences of California from $2.00 to $2.50 and gave the stock a “neutral” rating in a report on Monday, November 11th. Finally, The Goldman Sachs Group cut their price objective on Pacific Biosciences of California from $2.25 to $1.75 and set a “neutral” rating on the stock in a report on Thursday. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, Pacific Biosciences of California currently has a consensus rating of “Hold” and a consensus price target of $2.89.

Pacific Biosciences of California Price Performance

The firm has a market capitalization of $462.82 million, a P/E ratio of -1.16 and a beta of 1.95. The company has a fifty day moving average of $1.89 and a 200 day moving average of $1.82. The company has a debt-to-equity ratio of 1.97, a current ratio of 9.74 and a quick ratio of 8.64.

Insider Activity

In other news, insider Oene Mark Van sold 34,405 shares of the business’s stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $2.03, for a total value of $69,842.15. Following the transaction, the insider now directly owns 1,597,454 shares of the company’s stock, valued at $3,242,831.62. The trade was a 2.11 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 2.40% of the company’s stock.

Institutional Investors Weigh In On Pacific Biosciences of California

A number of hedge funds have recently added to or reduced their stakes in the business. Hsbc Holdings PLC raised its holdings in shares of Pacific Biosciences of California by 71.2% during the second quarter. Hsbc Holdings PLC now owns 79,122 shares of the biotechnology company’s stock valued at $106,000 after purchasing an additional 32,899 shares during the period. Benjamin F. Edwards & Company Inc. raised its stake in Pacific Biosciences of California by 5,755.9% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 141,830 shares of the biotechnology company’s stock worth $194,000 after buying an additional 139,408 shares during the period. Canada Pension Plan Investment Board acquired a new position in Pacific Biosciences of California during the 2nd quarter worth approximately $93,000. Marshall Wace LLP grew its stake in Pacific Biosciences of California by 226.6% in the second quarter. Marshall Wace LLP now owns 1,611,300 shares of the biotechnology company’s stock valued at $2,207,000 after acquiring an additional 1,117,966 shares during the period. Finally, Squarepoint Ops LLC bought a new stake in shares of Pacific Biosciences of California during the second quarter valued at approximately $719,000.

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.