Pacific Biosciences of California Shares Increase by 7.4%

Shares of Pacific Biosciences of California, Inc. (NASDAQ:PACB) saw a significant rise of 7.4% during mid-day trading on Friday. The stock reached a high of $1.90 before closing at $1.89. In total, 2,305,946 shares were exchanged throughout the trading session, a sharp decline of 76% compared to the average daily volume of 9,593,730 shares. Prior to this uptick, the stock had settled at $1.76.

Analysts Adjust Price Targets

Recently, various research firms have provided updates on Pacific Biosciences of California. Morgan Stanley revised its price target for the shares from $4.00 to $2.00 and maintained an "equal weight" rating. This report was issued on August 12. Similarly, UBS Group downgraded the stock from a "buy" rating to "neutral", also setting a $2.00 price target in their report dated November 11. Meanwhile, Cantor Fitzgerald reaffirmed an "overweight" rating and raised their target price to $3.50 in a report from August 8. Scotiabank also adjusted its price target, reducing it from $7.00 to $6.00, while maintaining a "sector outperform" rating. Canaccord Genuity Group lowered its price objective from $3.50 to $3.00, giving the stock a "buy" rating in a report published on August 8. Currently, one analyst has given the stock a sell rating, eight have recommended a hold, and seven have given a buy rating. According to MarketBeat, Pacific Biosciences has an average rating of "Hold" with a consensus target price of $3.63.

Performance Metrics of Pacific Biosciences

The company's financial indicators reveal a quick ratio of 8.64, a current ratio of 9.74, and a debt-to-equity ratio of 1.97. Pacific Biosciences holds a market capitalization of $523.07 million with a P/E ratio of -1.31. The beta for the stock stands at 2.01. The 50-day moving average of the stock is $1.90, while the 200-day moving average is $1.76.

Institutional Investors Activity

Several institutional investors have recently adjusted their holdings in Pacific Biosciences. For instance, Water Island Capital LLC increased its ownership in the company by 91.1% during the second quarter, accumulating a total of 20,000 shares valued at approximately $27,000 following the acquisition of 9,537 additional shares. Simplicity Wealth LLC acquired a new stake worth around $29,000 in the same quarter. Atom Investors LP also purchased new shares in the third quarter, valued at about $30,000. Another firm, Impact Partnership Wealth LLC, made a new investment in the second quarter valued at approximately $37,000. Lastly, Atria Investments Inc. expanded its holdings by 85.7% in the third quarter, raising its ownership to 21,968 shares worth about $37,000 after adding 10,138 shares.

About Pacific Biosciences of California

Pacific Biosciences of California, Inc. is involved in the design, development, and manufacture of sequencing solutions aimed at addressing complex genetic issues. The company provides various sequencing systems and consumable products, including single molecule real-time (SMRT) technology and long-read sequencing, along with specific reagent kits designed for various workflows, such as conversion of DNA into SMRTbell double-stranded DNA library formats.

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