Standard BioTools (NASDAQ:LAB) Shares Down 5.8% – What’s Next?

Standard BioTools Inc. (NASDAQ:LAB) dropped 5.8% on Tuesday . The stock traded as low as $1.94 and last traded at $1.94. Approximately 209,491 shares were traded during mid-day trading, a decline of 87% from the average daily volume of 1,595,948 shares. The stock had previously closed at $2.06.

Wall Street Analysts Forecast Growth

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

Standard BioTools Trading Down 3.4 %

The company’s fifty day simple moving average is $1.86 and its 200 day simple moving average is $1.90. The stock has a market capitalization of $740.80 million, a P/E ratio of -2.80 and a beta of 1.57.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Geode Capital Management LLC lifted its position in Standard BioTools by 2.3% during the third quarter. Geode Capital Management LLC now owns 6,949,717 shares of the company’s stock valued at $13,415,000 after purchasing an additional 154,848 shares during the last quarter. Hollow Brook Wealth Management LLC bought a new stake in shares of Standard BioTools during the 3rd quarter worth $10,679,000. State Street Corp grew its position in Standard BioTools by 26.7% in the third quarter. State Street Corp now owns 5,495,136 shares of the company’s stock worth $10,606,000 after acquiring an additional 1,157,984 shares in the last quarter. Barclays PLC increased its stake in Standard BioTools by 13.2% in the third quarter. Barclays PLC now owns 3,228,360 shares of the company’s stock valued at $6,231,000 after acquiring an additional 377,195 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in Standard BioTools by 188.6% during 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 purchasing 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.