Standard BioTools (NASDAQ:LAB) Shares Down 6.3% – Here’s What Happened

Standard BioTools Inc. (NASDAQ:LAB)’s stock price fell 6.3% during mid-day trading on Friday . The stock traded as low as $1.78 and last traded at $1.78. 371,735 shares changed hands during mid-day trading, a decline of 84% from the average session volume of 2,371,277 shares. The stock had previously closed at $1.90.

Wall Street Analyst Weigh In

Separately, TD Cowen decreased 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 note on Thursday, October 31st.

Standard BioTools Stock Down 5.5 %

The company has a market capitalization of $668.20 million, a price-to-earnings ratio of -2.53 and a beta of 1.61. The company has a 50 day simple moving average of $1.87 and a 200 day simple moving average of $1.92.

Hedge Funds Weigh In On Standard BioTools

Institutional investors and hedge funds have recently bought and sold shares of the stock. Geode Capital Management LLC lifted its stake in shares of Standard BioTools by 2.3% in the third quarter. Geode Capital Management LLC now owns 6,949,717 shares of the company’s stock worth $13,415,000 after acquiring an additional 154,848 shares in the last quarter. Hollow Brook Wealth Management LLC acquired a new position in shares of Standard BioTools in the 3rd quarter valued at approximately $10,679,000. State Street Corp boosted its stake 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 valued at $10,606,000 after buying an additional 1,157,984 shares during the last quarter. Barclays PLC grew its position in shares of Standard BioTools by 13.2% during the third quarter. Barclays PLC now owns 3,228,360 shares of the company’s stock worth $6,231,000 after buying an additional 377,195 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in Standard BioTools by 188.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,445,083 shares of the company’s stock valued at $4,719,000 after acquiring an additional 1,597,728 shares in the last quarter. Hedge funds and other 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.