ARK Investment Management LLC Lowers Stock Position in Standard BioTools Inc. (NASDAQ:LAB)

ARK Investment Management LLC lessened its holdings in shares of Standard BioTools Inc. (NASDAQ:LAB) by 62.9% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 3,323,689 shares of the company’s stock after selling 5,626,076 shares during the period. ARK Investment Management LLC’s holdings in Standard BioTools were worth $5,816,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of LAB. Wolverine Trading LLC bought a new stake in Standard BioTools during the third quarter worth about $27,000. Nisa Investment Advisors LLC lifted its holdings in shares of Standard BioTools by 433.8% during the third quarter. Nisa Investment Advisors LLC now owns 18,128 shares of the company’s stock valued at $35,000 after purchasing an additional 14,732 shares during the last quarter. Creative Planning purchased a new position in shares of Standard BioTools during the third quarter valued at approximately $39,000. Simon Quick Advisors LLC bought a new stake in shares of Standard BioTools in the 4th quarter worth approximately $54,000. Finally, Intech Investment Management LLC purchased a new stake in shares of Standard BioTools in the 3rd quarter worth approximately $101,000. 53.74% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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 note on Thursday, October 31st.

Standard BioTools Stock Performance

Shares of LAB stock opened at $1.27 on Wednesday. The company has a market capitalization of $470.91 million, a price-to-earnings ratio of -1.78 and a beta of 1.57. Standard BioTools Inc. has a one year low of $1.17 and a one year high of $3.04. The company’s 50-day moving average is $1.65 and its 200 day moving average is $1.81.

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.