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 company traded as low as $1.77 and last traded at $1.78. Approximately 33,770 shares were traded during trading, a decline of 99% from the average daily volume of 2,433,090 shares. The stock had previously closed at $1.83.

Analyst Ratings Changes

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

Standard BioTools Stock Up 0.5 %

The firm has a market cap of $684.96 million, a P/E ratio of -2.58 and a beta of 1.61. The stock’s 50-day simple moving average is $1.84 and its 200 day simple moving average is $1.99.

Hedge Funds Weigh In On Standard BioTools

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Wolverine Trading LLC acquired a new stake in shares of Standard BioTools in the 3rd quarter worth about $27,000. Nisa Investment Advisors LLC raised its holdings in shares of Standard BioTools by 433.8% in the 3rd 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 during the last quarter. Xponance Inc. acquired a new stake in shares of Standard BioTools in the 2nd quarter worth about $34,000. Creative Planning acquired a new stake in shares of Standard BioTools in the 3rd quarter worth about $39,000. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd acquired a new stake in shares of Standard BioTools in the 2nd quarter worth about $39,000. Institutional investors own 53.74% of the company’s stock.

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.