Pacific Biosciences of California, Inc. (PACB), which develops and manufactures techniques for gene sequencing, lately introduced that it has acquired biotechnology firm Circulomics, Inc. The monetary phrases of the deal have been stored below wraps.
Following the information, shares of the corporate declined 3.3% on Tuesday and closed at $29.79 within the prolonged buying and selling session.
With this buyout, Pacific Biosciences will acquire entry to Circulomics’ experience in extracting top quality, excessive molecular weight (HMW) DNA and its numerous buyer base ranging throughout industries.
The CEO of Pacific Biosciences, Christian Henry, stated, “The Nanobind know-how that Circulomics has created is already confirmed available in the market and can speed up our efforts to make pattern extraction and library preparation simpler for our prospects. By including the group to PacBio we will deeply combine their know-how into our workflows which can enhance our whole long-read sequencing workflow.” (See Pacific Biosciences stock chart on TipRanks)
Final month, Cowen & Co. analyst Doug Schenkel reiterated a Maintain ranking on the inventory however lowered the worth goal to $30 from $47 (0.7% draw back potential)
General, the inventory has a Maintain consensus primarily based on 1 Purchase. The average PACB price target of $30 implies 0.7% draw back potential. Shares have gained 676.6% over the previous 12 months.