What's Behind Pacific Biosciences of California's Stock Rally Today?
Shares of Pacific Biosciences of California (NASDAQ: PACB) are on the rise again. This is the third trading session in a row that the stock has marched upwards since announcing record revenues and a big order for its next-generation genomic sequencers last week. The stock has tacked on a 11.7% gain as of 2:45 p.m. EDT on Monday.
The stock has risen about 40% since Aug. 2. After the bell that afternoon, Pacific Biosciences announced a new agreement with genomic services giant Novogene. The latter company agreed to double its Sequel-driven sequencing capacity with a purchase of 10 more systems.
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Source: Fool.com