Breaking Finance News

Pacific Biosciences Down 9 Percent- Reason Unknown (PACB)

Shares of Pacific Biosciences of California (NASDAQ: PACB) are down nearly 9 percent Tuesday but there is no apparent reason for the plunge. A search of EDGAR reveals no filings and social media channels are silent.

The likely reason is an analyst downgrade but that cannot be confirmed. If you have information, please leave a comment below.

Pacific Biosciences is a $249 million company that trades an average of 435,000 shares daily. As of 12:30 p.m. EDT Tuesday, it had traded 829,000 shares. The stick is up 88 percent in the past six months with most of the gains occurring in August. Following it’s last quarterly report that coincided with the move to the upside, it received an upgrade from Piper Jaffray from “Sell” to “Neutral” and a price target raise from $2.00 to $3.10.

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Disclosure: At the time of this writing, the author had no position in the company mentioned.

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