Pacific Biosciences of California (NASDAQ:PACB) Shares Gap Up - Here's Why

Pacific Biosciences of California, Inc. (NASDAQ:PACB - Get Free Report)'s share price gapped up prior to trading on Friday . The stock had previously closed at $1.98, but opened at $2.05. Pacific Biosciences of California shares last traded at $2.02, with a volume of 673,122 shares.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the stock. Scotiabank lowered 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 report on Monday, November 11th. Morgan Stanley decreased their price objective on Pacific Biosciences of California from $4.00 to $2.00 and set an "equal weight" rating on the stock in a research report on Monday, August 12th. Piper Sandler lifted their target price on Pacific Biosciences of California from $2.00 to $2.50 and gave the stock a "neutral" rating in a report on Monday, November 11th. StockNews.com raised Pacific Biosciences of California to a "sell" rating in a research report on Tuesday, November 12th. Finally, UBS Group downgraded Pacific Biosciences of California from a "buy" rating to a "neutral" rating and set a $2.00 price target for the company. in a research report 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 assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $3.63.

Pacific Biosciences of California Stock Up 2.5 %

The company's 50 day moving average price is $1.93 and its two-hundred day moving average price is $1.76. The company has a debt-to-equity ratio of 1.97, a quick ratio of 8.64 and a current ratio of 9.74.

Institutional Trading of Pacific Biosciences of California

Several large investors have recently made changes to their positions in the company. Water Island Capital LLC grew its stake in Pacific Biosciences of California by 91.1% during the 2nd quarter. Water Island Capital LLC now owns 20,000 shares of the biotechnology company's stock valued at $27,000 after acquiring an additional 9,537 shares in the last quarter. Simplicity Wealth LLC acquired a new stake in shares of Pacific Biosciences of California in the second quarter valued at approximately $29,000. Atom Investors LP acquired a new position in Pacific Biosciences of California during the third quarter worth $30,000. Impact Partnership Wealth LLC acquired a new position in Pacific Biosciences of California during the second quarter worth $37,000. Finally, Atria Investments Inc grew its holdings 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 valued at $37,000 after buying an additional 10,138 shares in the last quarter.

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.