Standard BioTools (NASDAQ:LAB) Trading 7% Higher – Should You Buy?

Standard BioTools Inc. (NASDAQ:LAB)’s stock price shot up 7% during trading on Wednesday . The stock traded as high as $1.65 and last traded at $1.62. 692,280 shares were traded during trading, a decline of 72% from the average session volume of 2,460,480 shares. The stock had previously closed at $1.51.

Wall Street Analysts Forecast Growth

Separately, TD Cowen lowered their price target on Standard BioTools from $2.75 to $2.50 and set a “buy” rating for the company in a report on Thursday, October 31st.

Standard BioTools Trading Up 0.6 %

The stock’s 50-day moving average price is $1.88 and its 200-day moving average price is $2.03. The company has a market capitalization of $603.06 million, a P/E ratio of -2.28 and a beta of 1.57.

Insider Buying and Selling

In other news, Director Casdin Partners Master Fund, L bought 150,000 shares of the business’s stock in a transaction on Monday, August 26th. The stock was purchased at an average cost of $2.15 per share, for a total transaction of $322,500.00. Following the completion of the transaction, the director now directly owns 53,775,821 shares of the company’s stock, valued at approximately $115,618,015.15. This trade represents a 0.28 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 53.10% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in LAB. Arizona State Retirement System increased its position in shares of Standard BioTools by 16.6% in the second quarter. Arizona State Retirement System now owns 69,596 shares of the company’s stock worth $123,000 after acquiring an additional 9,933 shares in the last quarter. XTX Topco Ltd increased its holdings in shares of Standard BioTools by 38.2% in the 2nd quarter. XTX Topco Ltd now owns 35,965 shares of the company’s stock valued at $64,000 after purchasing an additional 9,947 shares during the period. Victory Capital Management Inc. lifted its position in shares of Standard BioTools by 27.3% in the second quarter. Victory Capital Management Inc. now owns 46,967 shares of the company’s stock worth $83,000 after purchasing an additional 10,067 shares in the last quarter. Freestone Capital Holdings LLC acquired a new stake in shares of Standard BioTools during the first quarter worth approximately $31,000. Finally, Wolverine Trading LLC acquired a new stake in shares of Standard BioTools during the third quarter worth approximately $27,000. Institutional investors and hedge funds 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.