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

Pacific Biosciences of California, Inc. (NASDAQ:PACB) 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 changed hands during trading, a decline of 76% from the average daily volume of 9,593,730 shares. The stock had previously closed at $1.76.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on PACB shares. Morgan Stanley dropped their price target on Pacific Biosciences of California from $4.00 to $2.00 and set an “equal weight” rating on the stock in a research note on Monday, August 12th. 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 research report on Monday, November 11th. Canaccord Genuity Group reduced their target price on shares of Pacific Biosciences of California from $3.50 to $3.00 and set a “buy” rating for the company in a report on Thursday, August 8th. UBS Group cut shares of Pacific Biosciences of California from a “buy” rating to a “neutral” rating and set a $2.00 price target on the stock. in a report on Monday, November 11th. Finally, Piper Sandler boosted their price objective 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. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, Pacific Biosciences of California currently has a consensus rating of “Hold” and a consensus target price of $3.63.

Pacific Biosciences of California Trading Up 7.7 %

The company has a market cap of $518.96 million, a P/E ratio of -1.34 and a beta of 2.01. The firm’s 50 day moving average is $1.90 and its two-hundred day moving average is $1.76. The company has a quick ratio of 8.64, a current ratio of 9.74 and a debt-to-equity ratio of 1.97.

Institutional Investors Weigh In On Pacific Biosciences of California

Institutional investors and hedge funds have recently made changes to their positions in the stock. Franklin Resources Inc. acquired a new position in shares of Pacific Biosciences of California in the third quarter worth approximately $302,000. Barclays PLC lifted its position in shares of Pacific Biosciences of California by 143.0% in the 3rd quarter. Barclays PLC now owns 595,150 shares of the biotechnology company’s stock worth $1,011,000 after purchasing an additional 350,196 shares during the period. Geode Capital Management LLC boosted its stake in shares of Pacific Biosciences of California by 3.7% in the 3rd quarter. Geode Capital Management LLC now owns 6,327,906 shares of the biotechnology company’s stock valued at $10,759,000 after purchasing an additional 225,034 shares during the last quarter. XTX Topco Ltd acquired a new stake in shares of Pacific Biosciences of California during the third quarter worth $97,000. Finally, Soros Fund Management LLC lifted its holdings in Pacific Biosciences of California by 23.6% in the third quarter. Soros Fund Management LLC now owns 2,098,000 shares of the biotechnology company’s stock valued at $3,567,000 after buying an additional 400,000 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.