Pacific Biosciences of California Inc (NASDAQ:PACB) shares traded higher on Tuesday. A few significant analyst upgrades over the past several weeks have helped to lift the stock out of its prolonged downtrend.
What To Know: Shares of the stock had been in an extended downtrend throughout the summer and fall of 2023. However, the stock pivoted from the losing streak at the beginning of November.
In the middle of the month, an upgrade by UBS analyst John Sourbeer, from Neutral to Buy, bolstered the stock’s upward move, despite the analyst lowering the price target from $13 to $10.
More recently, the stock was pushed higher last Thursday after Stephens & Co. analyst Mason Carrico initiated coverage on Pacific Biosciences with an Overweight rating and announced a price target of $11. Highlights from the note included Carrico’s acknowledgment of Revio, the company’s next-generation long-read sequencer, as a disruptive technology. He also noted Pacific Biosciences’ proficiencies in the long-read platform market segment.
It is worth noting that an improved market sentiment recently has likely also assisted in the stock’s gains.
Related Link: Why Steelcase Stock Tanked After-Hours
PACB Price Action: Shares of PACB were up 10.6% at $10.16 at the close of the market Tuesday, according to Benzinga Pro.
Photo: Pexels from Pixabay
