Pacific Biosciences of California (NASDAQ:PACB) Trading 8.5% Higher – Here’s What Happened

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

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. UBS Group lowered Pacific Biosciences of California from a “buy” rating to a “neutral” rating and set a $2.00 price objective for the company. in a report on Monday, November 11th. StockNews.com raised Pacific Biosciences of California to a “sell” rating in a report on Thursday, January 9th. Piper Sandler increased their target price on shares of Pacific Biosciences of California from $2.00 to $2.50 and gave the company a “neutral” rating in a research report on Monday, November 11th. Finally, Scotiabank lowered their target price 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 note on Monday, November 11th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, Pacific Biosciences of California currently has an average rating of “Hold” and an average target price of $2.95.

Pacific Biosciences of California Price Performance

The company has a market cap of $499.79 million, a price-to-earnings ratio of -1.25 and a beta of 1.95. 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 moving average price of $1.90 and a 200 day moving average price of $1.82.

Insiders Place Their Bets

In other news, insider Oene Mark Van sold 34,405 shares of the firm’s stock in a transaction on Friday, January 10th. The stock was sold at an average price of $2.03, for a total value of $69,842.15. Following the completion of the sale, the insider now owns 1,597,454 shares of the company’s stock, valued at $3,242,831.62. This trade represents a 2.11 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 2.40% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Impact Partnership Wealth LLC increased its position in Pacific Biosciences of California by 29.5% during the fourth quarter. Impact Partnership Wealth LLC now owns 50,735 shares of the biotechnology company’s stock worth $93,000 after buying an additional 11,566 shares during the last quarter. Avanza Fonder AB acquired a new position in shares of Pacific Biosciences of California during the 4th quarter valued at about $140,000. PCA Investment Advisory Services Inc. increased its holdings in shares of Pacific Biosciences of California by 50.0% during the 4th quarter. PCA Investment Advisory Services Inc. now owns 15,000 shares of the biotechnology company’s stock valued at $27,000 after acquiring an additional 5,000 shares during the last quarter. FNY Investment Advisers LLC bought a new position in shares of Pacific Biosciences of California in the 4th quarter valued at approximately $45,000. Finally, Green Alpha Advisors LLC lifted its holdings in Pacific Biosciences of California by 59.5% in the 4th quarter. Green Alpha Advisors LLC now owns 102,421 shares of the biotechnology company’s stock worth $187,000 after purchasing an additional 38,208 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.