Pacific Biosciences of California (NASDAQ:PACB) Stock Price Down 6.4% – Time to Sell?

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

Analyst Upgrades and Downgrades

PACB has been the subject of a number of research analyst reports. Scotiabank lowered 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 report on Monday, November 11th. StockNews.com upgraded Pacific Biosciences of California to a “sell” rating in a research report on Tuesday, November 12th. UBS Group downgraded Pacific Biosciences of California from a “buy” rating to a “neutral” rating and set a $2.00 price objective on the stock. in a report on Monday, November 11th. Finally, Piper Sandler raised their target price on Pacific Biosciences of California from $2.00 to $2.50 and gave the company a “neutral” rating in a report on Monday, November 11th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, Pacific Biosciences of California presently has a consensus rating of “Hold” and an average price target of $3.63.

Pacific Biosciences of California Trading Down 4.4 %

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 has a fifty day moving average price of $1.98 and a 200 day moving average price of $1.77.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of PACB. Creative Planning lifted its position in Pacific Biosciences of California by 30.8% in the third quarter. Creative Planning now owns 32,409 shares of the biotechnology company’s stock valued at $55,000 after acquiring an additional 7,629 shares during the last quarter. Daiwa Securities Group Inc. lifted its holdings in shares of 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 purchasing an additional 9,516 shares during the last quarter. Water Island Capital LLC boosted 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 valued at $27,000 after purchasing an additional 9,537 shares during the period. Atria Investments Inc grew its stake 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 worth $37,000 after buying an additional 10,138 shares during the last quarter. Finally, Impact Partnership Wealth LLC increased its position in Pacific Biosciences of California by 44.7% during the third quarter. Impact Partnership Wealth LLC now owns 39,169 shares of the biotechnology company’s stock worth $67,000 after buying an additional 12,093 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.