Pacific Biosciences of California (NASDAQ:PACB) Shares Gap Down – Here’s Why

Pacific Biosciences of California, Inc. (NASDAQ:PACB)’s share price gapped down before the market opened on Thursday . The stock had previously closed at $1.95, but opened at $1.90. Pacific Biosciences of California shares last traded at $1.87, with a volume of 564,827 shares trading hands.

Wall Street Analysts Forecast Growth

PACB has been the subject of a number of recent research reports. UBS Group cut shares of Pacific Biosciences of California from a “buy” rating to a “neutral” rating and set a $2.00 price objective for the company. in a research note on Monday, November 11th. Piper Sandler lifted their price target 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. Scotiabank decreased their price objective 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. Finally, StockNews.com upgraded Pacific Biosciences of California to a “sell” rating in a report on Tuesday, November 12th. One research analyst has rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $2.95.

Pacific Biosciences of California Price Performance

The stock’s 50 day moving average price is $2.00 and its 200-day moving average price is $1.77. The stock has a market capitalization of $509.39 million, a PE ratio of -1.27 and a beta of 1.95. The company has a quick ratio of 8.64, a current ratio of 9.74 and a debt-to-equity ratio of 1.97.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Carret Asset Management LLC lifted its position in shares of Pacific Biosciences of California by 142.5% in the 2nd quarter. Carret Asset Management LLC now owns 77,600 shares of the biotechnology company’s stock worth $106,000 after purchasing an additional 45,600 shares during the period. Rhumbline Advisers lifted its stake in shares of Pacific Biosciences of California by 13.4% during the 2nd quarter. Rhumbline Advisers now owns 436,868 shares of the biotechnology company’s stock worth $598,000 after purchasing an additional 51,727 shares during the last quarter. Impact Partnership Wealth LLC bought a new stake in Pacific Biosciences of California during the second quarter valued at about $37,000. Koss Olinger Consulting LLC purchased a new position in Pacific Biosciences of California in the second quarter valued at about $1,096,000. Finally, Daiwa Securities Group Inc. lifted its position in shares of Pacific Biosciences of California by 4.2% during the second 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.

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.