Pacific Biosciences of California (NASDAQ:PACB) Trading 8.5% Higher – Should You Buy?

Pacific Biosciences of California, Inc. (NASDAQ:PACB) was up 8.5% during mid-day trading on Wednesday . The company traded as high as $1.87 and last traded at $1.85. Approximately 2,130,217 shares changed hands during trading, a decline of 79% from the average daily volume of 10,105,922 shares. The stock had previously closed at $1.70.

Analysts Set New Price Targets

Several analysts have commented on the stock. Piper Sandler lifted their target price on shares of Pacific Biosciences of California from $2.00 to $2.50 and gave the stock a “neutral” rating in a research note on Monday, November 11th. StockNews.com raised Pacific Biosciences of California to a “sell” rating in a research report on Thursday, January 9th. UBS Group lowered 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 note on Monday, November 11th. Finally, Scotiabank dropped their price objective on shares of Pacific Biosciences of California from $7.00 to $6.00 and set a “sector outperform” rating for the company in a research note on Monday, November 11th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the company. According to MarketBeat.com, Pacific Biosciences of California presently has an average rating of “Hold” and a consensus price target of $2.95.

Pacific Biosciences of California Trading Up 7.4 %

The company has a current ratio of 9.74, a quick ratio of 8.64 and a debt-to-equity ratio of 1.97. The business has a 50 day simple moving average of $1.90 and a two-hundred day simple moving average of $1.82. The stock has a market cap of $499.79 million, a price-to-earnings ratio of -1.25 and a beta of 1.95.

Insider Activity at Pacific Biosciences of California

In related news, insider Oene Mark Van sold 34,405 shares of the company’s stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $2.03, for a total transaction of $69,842.15. Following the sale, the insider now directly owns 1,597,454 shares of the company’s stock, valued at approximately $3,242,831.62. This represents a 2.11 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 2.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Pacific Biosciences of California

A number of hedge funds have recently added to or reduced their stakes in the business. Water Island Capital LLC lifted its position in shares of Pacific Biosciences of California by 91.1% in 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 during the last quarter. PCA Investment Advisory Services Inc. grew its holdings in shares of Pacific Biosciences of California by 50.0% during the fourth quarter. PCA Investment Advisory Services Inc. now owns 15,000 shares of the biotechnology company’s stock valued at $27,000 after purchasing an additional 5,000 shares during the last quarter. Atom Investors LP acquired a new stake in shares of Pacific Biosciences of California during the 3rd quarter worth approximately $30,000. Atria Investments Inc boosted its position in Pacific Biosciences of California by 85.7% during the 3rd quarter. Atria Investments Inc now owns 21,968 shares of the biotechnology company’s stock valued at $37,000 after purchasing an additional 10,138 shares during the period. Finally, Centiva Capital LP acquired a new position in Pacific Biosciences of California during the 3rd quarter valued at approximately $40,000.

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.