Pacific Biosciences of California (NASDAQ:PACB) Shares Gap Down - Time to Sell?

Pacific Biosciences of California, Inc. (NASDAQ:PACB - Get Free Report)'s share price gapped down prior to trading on Thursday . The stock had previously closed at $1.95, but opened at $1.90. Pacific Biosciences of California shares last traded at $1.87, with a volume of 564,827 shares changing hands.

Wall Street Analyst Weigh In

PACB has been the topic of several analyst reports. Scotiabank decreased their price objective on 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. StockNews.com upgraded Pacific Biosciences of California to a "sell" rating in a research report on Tuesday, November 12th. Piper Sandler raised their target price 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, UBS Group lowered shares of Pacific Biosciences of California from a "buy" rating to a "neutral" rating and set a $2.00 price target for the company. in a report on Monday, November 11th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $2.95.

Pacific Biosciences of California Price Performance

The company has a market cap of $528.56 million, a PE ratio of -1.32 and a beta of 1.95. The firm has a 50 day moving average of $2.00 and a two-hundred day moving average of $1.77. The company has a current ratio of 9.74, a quick ratio of 8.64 and a debt-to-equity ratio of 1.97.

Institutional Trading of Pacific Biosciences of California

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Creative Planning raised its stake 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 purchasing an additional 7,629 shares during the last quarter. Daiwa Securities Group Inc. raised its position in Pacific Biosciences of California by 4.2% in the second quarter. Daiwa Securities Group Inc. now owns 235,308 shares of the biotechnology company's stock worth $322,000 after acquiring an additional 9,516 shares during the period. Water Island Capital LLC raised its holdings in Pacific Biosciences of California by 91.1% in the 2nd quarter. Water Island Capital LLC now owns 20,000 shares of the biotechnology company's stock worth $27,000 after purchasing an additional 9,537 shares during the period. Atria Investments Inc lifted its position in Pacific Biosciences of California by 85.7% during the third quarter. Atria Investments Inc now owns 21,968 shares of the biotechnology company's stock valued at $37,000 after purchasing an additional 10,138 shares in the last quarter. Finally, Impact Partnership Wealth LLC grew its holdings in Pacific Biosciences of California by 44.7% during the third quarter. Impact Partnership Wealth LLC now owns 39,169 shares of the biotechnology company's stock valued at $67,000 after purchasing an additional 12,093 shares during the period.

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.