Standard BioTools (NASDAQ:LAB) Trading Down 4%

Standard BioTools Inc. (NASDAQ:LAB)’s stock price was down 4% during trading on Wednesday . The company traded as low as $1.90 and last traded at $1.90. Approximately 460,510 shares traded hands during trading, a decline of 83% from the average daily volume of 2,667,999 shares. The stock had previously closed at $1.98.

Analysts Set New Price Targets

Separately, TD Cowen reduced their target price on Standard BioTools from $3.50 to $2.75 and set a “buy” rating on the stock in a report on Thursday, August 1st.

Standard BioTools Stock Performance

The business has a fifty day simple moving average of $1.95 and a 200 day simple moving average of $2.30. The company has a market cap of $718.62 million, a P/E ratio of -1.92 and a beta of 1.67.

Standard BioTools (NASDAQ:LAB) last released its earnings results on Wednesday, July 31st. The company reported ($0.09) EPS for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.01. The company had revenue of $37.21 million for the quarter, compared to the consensus estimate of $48.15 million. Standard BioTools had a negative return on equity of 43.45% and a negative net margin of 87.05%. Equities research analysts expect that Standard BioTools Inc. will post -0.42 EPS for the current year.

Insider Buying and Selling

In related news, Director Casdin Partners Master Fund, L purchased 1,000,000 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The shares were acquired at an average price of $1.63 per share, with a total value of $1,630,000.00. Following the acquisition, the director now owns 47,730,821 shares in the company, valued at approximately $77,801,238.23. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In the last 90 days, insiders have purchased 5,117,508 shares of company stock valued at $8,662,080. Insiders own 53.10% of the company’s stock.

Institutional Trading of Standard BioTools

Several hedge funds have recently added to or reduced their stakes in LAB. Vanguard Group Inc. raised its stake in Standard BioTools by 215.3% during the 1st quarter. Vanguard Group Inc. now owns 13,034,043 shares of the company’s stock valued at $35,322,000 after acquiring an additional 8,900,104 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. bought a new stake in shares of Standard BioTools in the 1st quarter worth $23,993,000. Nikko Asset Management Americas Inc. bought a new stake in shares of Standard BioTools in the 1st quarter worth $23,993,000. Nan Fung Group Holdings Ltd bought a new stake in shares of Standard BioTools in the 1st quarter worth $5,103,000. Finally, Magnetar Financial LLC bought a new stake in shares of Standard BioTools in the 1st quarter worth $4,107,000. Institutional investors own 53.74% of the company’s stock.

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.