Standard BioTools (NASDAQ:LAB) Shares Down 8.5% – Here’s Why

Standard BioTools Inc. (NASDAQ:LAB) shares dropped 8.5% during trading on Thursday . The stock traded as low as $1.68 and last traded at $1.68. Approximately 139,483 shares traded hands during trading, a decline of 92% from the average daily volume of 1,807,851 shares. The stock had previously closed at $1.83.

Analyst Upgrades and Downgrades

Separately, TD Cowen reduced 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

The company has a market cap of $630.98 million, a PE ratio of -2.39 and a beta of 1.57. The firm’s 50 day moving average is $1.82 and its 200-day moving average is $1.90.

Institutional Trading of Standard BioTools

Large investors have recently added to or reduced their stakes in the stock. Geode Capital Management LLC lifted 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 valued at $13,415,000 after acquiring an additional 154,848 shares during the last quarter. Hollow Brook Wealth Management LLC acquired a new position in shares of Standard BioTools in the 3rd quarter valued at $10,679,000. State Street Corp grew its holdings in shares of Standard BioTools by 26.7% during the 3rd quarter. State Street Corp now owns 5,495,136 shares of the company’s stock worth $10,606,000 after purchasing an additional 1,157,984 shares during the period. Barclays PLC increased its position in shares of Standard BioTools by 13.2% during the 3rd 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 last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in Standard BioTools by 188.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,445,083 shares of the company’s stock valued at $4,719,000 after buying an additional 1,597,728 shares during the period. 53.74% of the stock is currently 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.