Pacific Biosciences of California (NASDAQ:PACB) Stock Price Up 7.2% - What's Next?

Pacific Biosciences of California, Inc. (NASDAQ:PACB - Get Free Report)'s stock price rose 7.2% on Friday . The company traded as high as $1.95 and last traded at $1.93. Approximately 2,157,941 shares changed hands during mid-day trading, a decline of 37% from the average daily volume of 3,437,524 shares. The stock had previously closed at $1.80.

Analysts Set New Price Targets

PACB has been the subject of several recent research reports. UBS Group cut shares of Pacific Biosciences of California from a "buy" rating to a "neutral" rating and set a $2.00 target price for the company. in a 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 for the company in a report on Monday, November 11th. Piper Sandler increased 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, StockNews.com upgraded shares of Pacific Biosciences of California to a "sell" rating in a research report on Tuesday, November 12th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $2.95.

Pacific Biosciences of California Price Performance

The company has a debt-to-equity ratio of 1.97, a quick ratio of 8.64 and a current ratio of 9.74. The stock has a market capitalization of $544.99 million, a PE ratio of -1.36 and a beta of 1.95. The stock's 50 day moving average is $2.00 and its two-hundred day moving average is $1.77.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Atom Investors LP purchased a new position in Pacific Biosciences of California in the 3rd quarter worth approximately $30,000. Water Island Capital LLC lifted 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. Atria Investments Inc boosted its stake 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 worth $37,000 after buying an additional 10,138 shares during the last quarter. Centiva Capital LP acquired a new position in Pacific Biosciences of California during the third quarter worth $40,000. Finally, Ballentine Partners LLC purchased a new stake in Pacific Biosciences of California in the 3rd quarter valued at $43,000.

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.