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Pacific Biosciences of California Rose 67.63% on November 2

Margaret Patrick - Author
By

Nov. 5 2018, Published 8:03 a.m. ET

Share price movements

On November 2, Pacific Biosciences of California (PACB) closed at $7.56, which was 67.63% higher than its previous closing price. The stock increased 170.97% from $2.79 on January 2 to $7.56 on November 2.

On November 1, Illumina (ILMN) released a press release announcing the acquisition of Pacific Biosciences of California for a total consideration of $1.2 billion. According to the press release, Illumina expects to close the deal by mid-2019. The acquisition is expected to strengthen Illumina’s position in the genome sequencing market. Illumina’s share price closed at $328.10 on November 2, which is 4.91% higher compared to its previous closing price.

Based on the closing price on November 2, Illumina witnessed returns of 11.18% last week, -4.82% in the last month, and -1.28% in the last quarter. The company also witnessed returns of 27.72% in the last half year, 57.12% in the last year, and 50.17% YTD.

Based on the closing price on November 2, Pacific Biosciences of California witnessed returns of 84.84% in the last week, 72.21% in the last month, and 97.39% in the last quarter. The company also witnessed returns of 213.69% in the last half year, 87.59% in the last year, and 186.36% YTD.

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Analysts’ recommendations and target price for Illumina

Analysts’ 12-month consensus recommendation for Illumina on November 5 is a “buy.” The 12-month consensus target price for the company is $359.75, which is 9.65% higher than its last closing price on November 2. The highest target price estimate for the company is $415, while the lowest target price estimate is $320.

Out of the 19 analysts covering Illumina on November 5, six analysts rated the company as a “strong buy,” eight analysts rated it as a “buy,” and five analysts have rated it as a “hold.”

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