Standard BioTools (NASDAQ:LAB) Trading Up 7.3% – Should You Buy?

Standard BioTools Inc. (NASDAQ:LAB) shares shot up 7.3% during mid-day trading on Wednesday . The stock traded as high as $1.86 and last traded at $1.84. 730,664 shares traded hands during trading, a decline of 70% from the average session volume of 2,452,241 shares. The stock had previously closed at $1.71.

Analysts Set New Price Targets

Separately, TD Cowen lowered their price objective on 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 Stock Up 6.4 %

The company has a 50 day moving average of $1.85 and a 200-day moving average of $2.01.

Hedge Funds Weigh In On Standard BioTools

Hedge funds have recently made changes to their positions in the business. Arizona State Retirement System boosted its holdings in Standard BioTools by 16.6% in the second quarter. Arizona State Retirement System now owns 69,596 shares of the company’s stock valued at $123,000 after acquiring an additional 9,933 shares in the last quarter. XTX Topco Ltd lifted its position in shares of Standard BioTools by 38.2% in the 2nd quarter. XTX Topco Ltd now owns 35,965 shares of the company’s stock worth $64,000 after purchasing an additional 9,947 shares during the period. Victory Capital Management Inc. boosted its stake in shares of Standard BioTools by 27.3% during the 2nd quarter. Victory Capital Management Inc. now owns 46,967 shares of the company’s stock valued at $83,000 after purchasing an additional 10,067 shares in the last quarter. Wolverine Trading LLC purchased a new position in shares of Standard BioTools during the third quarter valued at about $27,000. Finally, Nisa Investment Advisors LLC raised its stake 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 buying an additional 14,732 shares in the last quarter. 53.74% of the stock is owned by hedge funds and other institutional investors.

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.