Pacific Biosciences of California (NASDAQ:PACB) Trading 7.4% Higher - Should You Buy?

Shares of Pacific Biosciences of California, Inc. (NASDAQ:PACB - Get Free Report) traded up 7.4% during trading on Friday . The stock traded as high as $1.90 and last traded at $1.89. 2,305,946 shares changed hands during trading, a decline of 76% from the average session volume of 9,593,730 shares. The stock had previously closed at $1.76.

Wall Street Analysts Forecast Growth

PACB has been the topic of several recent research reports. Cantor Fitzgerald restated an "overweight" rating and issued a $3.50 price target on shares of Pacific Biosciences of California in a research report on Thursday, August 8th. Scotiabank decreased their target price 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. UBS Group downgraded 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. Canaccord Genuity Group dropped their price target on Pacific Biosciences of California from $3.50 to $3.00 and set a "buy" rating on the stock in a research note on Thursday, August 8th. Finally, StockNews.com raised shares of Pacific Biosciences of California to a "sell" rating in a research note on Tuesday, November 12th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $3.63.

Pacific Biosciences of California Trading Up 8.5 %

The company's 50 day simple moving average is $1.90 and its two-hundred day simple moving average is $1.76. The stock has a market cap of $523.07 million, a price-to-earnings ratio of -1.31 and a beta of 2.01. 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

Hedge funds and other institutional investors have recently modified their holdings of the company. Assenagon Asset Management S.A. acquired a new position in Pacific Biosciences of California in the 2nd quarter worth about $1,775,000. Marshall Wace LLP grew its holdings in Pacific Biosciences of California by 226.6% during the second quarter. Marshall Wace LLP now owns 1,611,300 shares of the biotechnology company's stock valued at $2,207,000 after purchasing an additional 1,117,966 shares during the last quarter. Koss Olinger Consulting LLC acquired a new position in Pacific Biosciences of California during the second quarter valued at approximately $1,096,000. Squarepoint Ops LLC bought a new position in shares of Pacific Biosciences of California in the second quarter valued at approximately $719,000. Finally, Federated Hermes Inc. acquired a new stake in shares of Pacific Biosciences of California in the second quarter worth $612,000.

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.