Standard BioTools Inc. (NASDAQ:LAB) Sees Large Decrease in Short Interest

Standard BioTools Inc. (NASDAQ:LAB) was the recipient of a large drop in short interest during the month of November. As of November 15th, there was short interest totalling 14,680,000 shares, a drop of 24.9% from the October 31st total of 19,540,000 shares. Approximately 4.1% of the company’s shares are sold short. Based on an average daily volume of 1,860,000 shares, the days-to-cover ratio is presently 7.9 days.

Standard BioTools Stock Performance

Shares of LAB stock traded up $0.02 during trading hours on Friday, hitting $1.84. 905,994 shares of the company were exchanged, compared to its average volume of 2,239,791. Standard BioTools has a fifty-two week low of $1.21 and a fifty-two week high of $3.04. The company has a 50 day simple moving average of $1.85 and a two-hundred day simple moving average of $2.00. The firm has a market cap of $684.96 million, a P/E ratio of -2.59 and a beta of 1.57.

Wall Street Analyst Weigh In

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

Institutional Investors Weigh In On Standard BioTools

Large investors have recently bought and sold shares of the stock. Geode Capital Management LLC boosted its holdings in Standard BioTools by 2.3% in the third quarter. Geode Capital Management LLC now owns 6,949,717 shares of the company’s stock worth $13,415,000 after acquiring an additional 154,848 shares in the last quarter. Barclays PLC raised its position in shares of Standard BioTools by 13.2% during the third quarter. Barclays PLC now owns 3,228,360 shares of the company’s stock worth $6,231,000 after purchasing an additional 377,195 shares during the period. XTX Topco Ltd lifted its holdings in shares of Standard BioTools by 133.1% in the 3rd quarter. XTX Topco Ltd now owns 83,817 shares of the company’s stock worth $162,000 after purchasing an additional 47,852 shares in the last quarter. Wolverine Trading LLC acquired a new stake in Standard BioTools in the 3rd quarter valued at $27,000. Finally, State Street Corp increased its stake in Standard BioTools by 26.7% during 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 in the last quarter. 53.74% of the stock is currently owned by institutional investors and hedge funds.

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.