Pacific Biosciences of California (NASDAQ:PACB) Reaches New 52-Week High at $9.26
Pacific Biosciences of California (NASDAQ:PACB) shares reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $9.26 and last traded at $9.25, with a volume of 4131800 shares changing hands. The stock had previously closed at $8.91.
PACB has been the topic of several recent research reports. Zacks Investment Research downgraded Pacific Biosciences of California from a “hold” rating to a “sell” rating and set a $4.00 price target on the stock. in a research note on Wednesday, July 1st. BidaskClub raised Pacific Biosciences of California from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, September 15th. Morgan Stanley initiated coverage on Pacific Biosciences of California in a research note on Wednesday, September 9th. They issued an “equal weight” rating and a $7.00 price target on the stock. Finally, Cantor Fitzgerald reissued a “buy” rating and issued a $5.00 price target on shares of Pacific Biosciences of California in a research note on Wednesday, June 10th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $5.80.
The company has a market cap of $1.43 billion, a P/E ratio of -28.03 and a beta of 2.03. The company has a fifty day moving average price of $6.56 and a two-hundred day moving average price of $4.23.
In other news, CEO Michael Hunkapiller sold 259,164 shares of the firm’s stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $6.63, for a total value of $1,718,257.32. Following the completion of the transaction, the chief executive officer now owns 2,398,215 shares in the company, valued at approximately $15,900,165.45. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 11.00% of the stock is owned by company insiders.
Institutional investors have recently bought and sold shares of the stock. Russell Investments Group Ltd. bought a new position in Pacific Biosciences of California during the second quarter worth about $27,000. Mercer Global Advisors Inc. ADV bought a new position in Pacific Biosciences of California during the first quarter worth about $31,000. Virtu Financial LLC bought a new position in Pacific Biosciences of California during the second quarter worth about $35,000. Royal Bank of Canada grew its holdings in Pacific Biosciences of California by 67.4% during the first quarter. Royal Bank of Canada now owns 11,882 shares of the biotechnology company’s stock worth $36,000 after purchasing an additional 4,782 shares during the period. Finally, Jane Street Group LLC bought a new position in Pacific Biosciences of California during the second quarter worth about $58,000. Institutional investors and hedge funds own 72.46% of the company’s stock.
Pacific Biosciences of California Company Profile (NASDAQ:PACB)
Pacific Biosciences of California, Inc designs, develops, and manufactures sequencing systems to resolve genetically complex problems. The company's single molecule real-time (SMRT) sequencing technology enables single molecule real-time detection of biological processes. It offers PacBio RS II and Sequel Systems that conducts, monitors, and analyzes single molecule biochemical reactions in real time.
Receive News & Ratings for Pacific Biosciences of California Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Pacific Biosciences of California and related companies with MarketBeat.com's FREE daily email newsletter.