Standard BioTools (NASDAQ:LAB) Stock Price Down 6.8% – What’s Next?

Standard BioTools Inc. (NASDAQ:LAB) dropped 6.8% during mid-day trading on Wednesday . The company traded as low as $2.06 and last traded at $2.06. Approximately 720,887 shares changed hands during trading, a decline of 70% from the average daily volume of 2,393,990 shares. The stock had previously closed at $2.21.

Analysts Set New Price Targets

Separately, TD Cowen lowered their target price on shares of 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 Stock Down 10.0 %

The company has a market cap of $740.80 million, a PE ratio of -2.80 and a beta of 1.61. The company has a 50-day moving average of $1.86 and a 200-day moving average of $1.94.

Institutional Investors Weigh In On Standard BioTools

A number of institutional investors have recently added to or reduced their stakes in the company. Wolverine Trading LLC purchased a new stake in shares of Standard BioTools during the 3rd quarter valued at $27,000. Nisa Investment Advisors LLC increased its holdings in Standard BioTools by 433.8% during the third quarter. Nisa Investment Advisors LLC now owns 18,128 shares of the company’s stock worth $35,000 after buying an additional 14,732 shares during the last quarter. Xponance Inc. bought a new stake in Standard BioTools in the second quarter worth about $34,000. Creative Planning purchased a new position in Standard BioTools in the third quarter valued at about $39,000. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd purchased a new position in Standard BioTools in the second quarter valued at about $39,000. 53.74% of the stock is owned by institutional investors.

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.