Pacific Biosciences of California (NASDAQ:PACB) Stock Price Down 6.4% – Here’s What Happened

Pacific Biosciences of California, Inc. (NASDAQ:PACB)’s stock price traded down 6.4% on Wednesday . The company traded as low as $2.18 and last traded at $2.19. 2,256,368 shares traded hands during trading, a decline of 77% from the average session volume of 9,634,819 shares. The stock had previously closed at $2.34.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the stock. StockNews.com upgraded shares of Pacific Biosciences of California to a “sell” rating in a research report on Tuesday, November 12th. 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 research report on Monday, November 11th. Piper Sandler lifted their price objective on Pacific Biosciences of California from $2.00 to $2.50 and gave the stock a “neutral” rating in a research report on Monday, November 11th. Finally, Scotiabank cut 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 research report on Monday, November 11th. 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. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $3.63.

Pacific Biosciences of California Price Performance

The company has a debt-to-equity ratio of 1.97, a current ratio of 9.74 and a quick ratio of 8.64. The business’s fifty day moving average price is $1.95 and its 200-day moving average price is $1.76. The stock has a market capitalization of $629.89 million, a price-to-earnings ratio of -1.50 and a beta of 1.95.

Institutional Investors Weigh In On Pacific Biosciences of California

A number of institutional investors and hedge funds have recently bought and sold shares of PACB. Clear Harbor Asset Management LLC grew its stake in shares of Pacific Biosciences of California by 4.4% in the 2nd quarter. Clear Harbor Asset Management LLC now owns 119,936 shares of the biotechnology company’s stock worth $164,000 after acquiring an additional 5,000 shares in the last quarter. Creative Planning grew its position in Pacific Biosciences of California by 30.8% in the 3rd quarter. Creative Planning now owns 32,409 shares of the biotechnology company’s stock worth $55,000 after purchasing an additional 7,629 shares in the last quarter. Daiwa Securities Group Inc. increased its stake in Pacific Biosciences of California by 4.2% in the 2nd quarter. Daiwa Securities Group Inc. now owns 235,308 shares of the biotechnology company’s stock valued at $322,000 after buying an additional 9,516 shares during the last quarter. Water Island Capital LLC lifted its position in shares of 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 worth $27,000 after buying an additional 9,537 shares in the last quarter. Finally, Atria Investments Inc boosted its stake in shares of 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 worth $37,000 after buying an additional 10,138 shares during the last quarter.

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.