Standard BioTools (NASDAQ:LAB) Trading Down 3% – Here’s Why

Standard BioTools Inc. (NASDAQ:LAB)’s stock price dropped 3% during trading on Wednesday . The stock traded as low as $1.77 and last traded at $1.78. Approximately 33,770 shares changed hands during mid-day trading, a decline of 99% from the average daily volume of 2,433,090 shares. The stock had previously closed at $1.83.

Analysts Set New Price Targets

Separately, TD Cowen reduced their target price on shares of Standard BioTools from $2.75 to $2.50 and set a “buy” rating for the company in a research report on Thursday, October 31st.

Standard BioTools Trading Up 0.5 %

The stock’s 50-day moving average price is $1.84 and its two-hundred day moving average price is $1.99. The stock has a market capitalization of $684.96 million, a P/E ratio of -2.58 and a beta of 1.61.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of LAB. Vanguard Group Inc. boosted its holdings in Standard BioTools by 215.3% in the 1st quarter. Vanguard Group Inc. now owns 13,034,043 shares of the company’s stock worth $35,322,000 after buying an additional 8,900,104 shares during the period. Hollow Brook Wealth Management LLC bought a new position in Standard BioTools in the 3rd quarter worth approximately $10,679,000. Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in Standard BioTools by 20.2% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 10,642,271 shares of the company’s stock valued at $18,837,000 after purchasing an additional 1,788,780 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in Standard BioTools by 188.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,445,083 shares of the company’s stock valued at $4,719,000 after purchasing an additional 1,597,728 shares during the period. Finally, State Street Corp boosted its holdings in Standard BioTools by 26.7% in the 3rd quarter. State Street Corp now owns 5,495,136 shares of the company’s stock valued at $10,606,000 after purchasing an additional 1,157,984 shares during the period. 53.74% of the stock is owned by institutional investors.

Standard BioTools Company Profile

Standard BioTools Inc, together with its subsidiaries, provides instruments, consumables, reagents, and software services for researchers and clinical laboratories in the Americas, Europe, the Middle East, Africa, and the Asia pacific. It operates through two segments: Proteomics and Genomics. The company offers analytical systems, such as CyTOF XT System, a CyTOF XT mass cytometry system performs automated high-parameter single-cell analysis using antibodies conjugated to metal isotopes; and Hyperion XTi imaging system, a spatial biology instrument.