Standard BioTools (NASDAQ:LAB) Shares Gap Down – Here’s Why

Shares of Standard BioTools Inc. (NASDAQ:LAB) gapped down before the market opened on Wednesday . The stock had previously closed at $1.88, but opened at $1.82. Standard BioTools shares last traded at $1.88, with a volume of 82,337 shares trading hands.

Wall Street Analyst Weigh In

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

Standard BioTools Price Performance

The stock has a 50-day moving average price of $1.82 and a 200-day moving average price of $1.90. The company has a market capitalization of $694.26 million, a P/E ratio of -2.63 and a beta of 1.57.

Institutional Trading of Standard BioTools

A number of large investors have recently bought and sold shares of LAB. Wolverine Trading LLC bought a new position in shares of Standard BioTools during the 3rd quarter worth about $27,000. Xponance Inc. acquired a new position in Standard BioTools during the 2nd quarter worth approximately $34,000. Nisa Investment Advisors LLC boosted its holdings in Standard BioTools by 433.8% in the third quarter. Nisa Investment Advisors LLC now owns 18,128 shares of the company’s stock worth $35,000 after acquiring an additional 14,732 shares in the last quarter. Creative Planning acquired a new stake in Standard BioTools in the third quarter valued at approximately $39,000. Finally, Algert Global LLC bought a new stake in shares of Standard BioTools during the second quarter valued at approximately $44,000. 53.74% of the stock is currently owned by institutional investors and hedge funds.

About Standard BioTools

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.