Pacific Biosciences of California Inc. (NASDAQ:PACB)’s share price traded down 8.2% during trading on Wednesday . The stock traded as low as $7.40 and last traded at $7.74, with a volume of 1,213,681 shares changing hands. The stock had previously closed at $8.43.

Several brokerages have commented on PACB. Zacks Investment Research upgraded Pacific Biosciences of California from a “sell” rating to a “hold” rating in a research note on Wednesday, July 27th. Cantor Fitzgerald restated a “buy” rating and set a $18.00 price target on shares of Pacific Biosciences of California in a research note on Wednesday, June 29th. CL King began coverage on Pacific Biosciences of California in a research note on Monday, June 27th. They set a “buy” rating and a $11.00 price target for the company. Vetr upgraded Pacific Biosciences of California from a “hold” rating to a “buy” rating and set a $10.42 price target for the company in a research note on Monday, May 2nd. Finally, MKM Partners began coverage on Pacific Biosciences of California in a research note on Friday, April 15th. They set a “neutral” rating and a $16.50 price target for the company. Three investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Pacific Biosciences of California has an average rating of “Buy” and an average price target of $11.89.

The firm has a 50 day moving average of $8.06 and a 200 day moving average of $9.00. The company’s market capitalization is $675.55 million.

In other news, SVP James Michael Phillips sold 20,000 shares of the firm’s stock in a transaction on Friday, July 29th. The stock was sold at an average price of $8.45, for a total transaction of $169,000.00. Following the completion of the sale, the senior vice president now directly owns 198,949 shares of the company’s stock, valued at approximately $1,681,119.05. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Other hedge funds have modified their holdings of the company. California State Teachers Retirement System boosted its stake in shares of Pacific Biosciences of California by 1.8% in the fourth quarter. California State Teachers Retirement System now owns 112,214 shares of the company’s stock valued at $1,473,000 after buying an additional 1,998 shares during the period. Russell Frank Co acquired a new stake in shares of Pacific Biosciences of California during the fourth quarter valued at approximately $1,155,000. Finally, Swiss National Bank boosted its stake in shares of Pacific Biosciences of California by 27.0% in the fourth quarter. Swiss National Bank now owns 84,446 shares of the company’s stock valued at $1,109,000 after buying an additional 17,946 shares during the period.

Pacific Biosciences of California Inc designs, develops and manufactures the PacBio RS II Sequencing System to help scientists resolve genetically complex problems. Based on the Company’s Single Molecule, Real-Time (SMRT) technology, its products enable de novo genome assembly to finish genomes in order to more fully identify, annotate and decipher genomic structures; full-length transcript analysis to improve annotations in reference genomes, characterize alternatively spliced isoforms and find genes; targeted sequencing to more comprehensively characterize genetic variations; and DNA (deoxyribonucleic acid) base modification identification to help characterize epigenetic regulation and DNA damage.

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