Pacific Biosciences of California (NASDAQ:PACB) Trading 7.4% Higher – Time to Buy?

Pacific Biosciences of California, Inc. (NASDAQ:PACB)’s share price rose 7.4% during trading on Friday . The stock traded as high as $1.90 and last traded at $1.89. Approximately 2,305,946 shares were traded during trading, a decline of 76% from the average daily volume of 9,593,730 shares. The stock had previously closed at $1.76.

Wall Street Analyst Weigh In

PACB has been the subject of a number of research analyst reports. Cantor Fitzgerald reiterated an “overweight” rating and issued a $3.50 target price on shares of Pacific Biosciences of California in a report on Thursday, August 8th. StockNews.com upgraded shares of Pacific Biosciences of California to a “sell” rating in a research note on Tuesday, November 12th. UBS Group lowered shares of 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 note on Monday, November 11th. Piper Sandler raised 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, Scotiabank dropped their price objective on shares of Pacific Biosciences of California from $7.00 to $6.00 and set a “sector outperform” rating on the stock 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 assigned a buy rating to the company’s stock. According to data from MarketBeat, Pacific Biosciences of California has a consensus rating of “Hold” and a consensus price target of $3.63.

Pacific Biosciences of California Trading Up 7.7 %

The company has a quick ratio of 8.64, a current ratio of 9.74 and a debt-to-equity ratio of 1.97. The firm has a 50 day moving average price of $1.90 and a 200 day moving average price of $1.76. The stock has a market capitalization of $518.96 million, a PE ratio of -1.34 and a beta of 2.01.

Institutional Investors Weigh In On Pacific Biosciences of California

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Kennedy Capital Management LLC bought a new stake in shares of Pacific Biosciences of California in the 1st quarter worth $64,000. EMC Capital Management grew its position in Pacific Biosciences of California by 159.5% in the 1st quarter. EMC Capital Management now owns 32,700 shares of the biotechnology company’s stock worth $114,000 after purchasing an additional 20,100 shares in the last quarter. Cetera Advisors LLC purchased a new stake in Pacific Biosciences of California in the 1st quarter valued at about $98,000. Simplicity Wealth LLC purchased a new stake in Pacific Biosciences of California in the 2nd quarter valued at about $29,000. Finally, SG Americas Securities LLC lifted its position in shares of Pacific Biosciences of California by 96.6% during the 2nd quarter. SG Americas Securities LLC now owns 42,078 shares of the biotechnology company’s stock worth $58,000 after buying an additional 20,677 shares in 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.