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 dropped 6.4% during mid-day trading on Wednesday . The stock traded as low as $2.18 and last traded at $2.19. Approximately 2,256,368 shares were traded during trading, a decline of 77% from the average daily volume of 9,634,819 shares. The stock had previously closed at $2.34.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. StockNews.com raised shares of Pacific Biosciences of California to a “sell” rating in a report on Tuesday, November 12th. Piper Sandler boosted their target price on shares of Pacific Biosciences of California from $2.00 to $2.50 and gave the company a “neutral” rating in a research note on Monday, November 11th. Scotiabank decreased 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 research note on Monday, November 11th. Finally, UBS Group downgraded Pacific Biosciences of California from a “buy” rating to a “neutral” rating and set a $2.00 price objective on the stock. in a research note on Monday, November 11th. One equities 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 stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $3.63.

Pacific Biosciences of California Price Performance

The company has a current ratio of 9.74, a quick ratio of 8.64 and a debt-to-equity ratio of 1.97. The firm has a market cap of $629.89 million, a PE ratio of -1.50 and a beta of 1.95. The business has a fifty day moving average of $1.95 and a 200-day moving average of $1.76.

Hedge Funds Weigh In On Pacific Biosciences of California

Hedge funds have recently bought and sold shares of the company. Clear Harbor Asset Management LLC lifted its stake in Pacific Biosciences of California by 4.4% in the 2nd quarter. Clear Harbor Asset Management LLC now owns 119,936 shares of the biotechnology company’s stock worth $164,000 after purchasing an additional 5,000 shares in the last quarter. Creative Planning raised its position in shares of Pacific Biosciences of California by 30.8% in the third quarter. Creative Planning now owns 32,409 shares of the biotechnology company’s stock worth $55,000 after buying an additional 7,629 shares in the last quarter. Daiwa Securities Group Inc. boosted its stake in Pacific Biosciences of California by 4.2% during the second quarter. Daiwa Securities Group Inc. now owns 235,308 shares of the biotechnology company’s stock valued at $322,000 after buying an additional 9,516 shares during the period. Water Island Capital LLC grew its position 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 buying an additional 9,537 shares in the last quarter. Finally, Atria Investments Inc increased its stake in Pacific Biosciences of California by 85.7% in the 3rd quarter. Atria Investments Inc now owns 21,968 shares of the biotechnology company’s stock worth $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.