Standard BioTools Inc. (NASDAQ:LAB) Sees Significant Decline in Short Interest

Standard BioTools Inc. (NASDAQ:LAB) was the recipient of a large decrease in short interest during the month of November. As of November 15th, there was short interest totalling 14,680,000 shares, a decrease of 24.9% from the October 31st total of 19,540,000 shares. Based on an average trading volume of 1,860,000 shares, the short-interest ratio is presently 7.9 days. Approximately 4.1% of the shares of the company are sold short.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Wolverine Trading LLC acquired a new stake in Standard BioTools in the third quarter valued at about $27,000. Xponance Inc. acquired a new stake in shares of Standard BioTools in the 2nd quarter valued at approximately $34,000. Nisa Investment Advisors LLC lifted its holdings in shares of Standard BioTools by 433.8% in the 3rd quarter. Nisa Investment Advisors LLC now owns 18,128 shares of the company’s stock valued at $35,000 after buying an additional 14,732 shares during the period. IQ EQ FUND MANAGEMENT IRELAND Ltd purchased a new stake in shares of Standard BioTools in the second quarter valued at approximately $39,000. Finally, Creative Planning acquired a new position in Standard BioTools during the third quarter worth $39,000. 53.74% of the stock is currently owned by institutional investors and hedge funds.

Standard BioTools Stock Performance

Standard BioTools stock traded up $0.02 during trading hours on Friday, reaching $1.84. 905,994 shares of the stock were exchanged, compared to its average volume of 2,239,791. Standard BioTools has a 52-week low of $1.21 and a 52-week high of $3.04. The stock has a market cap of $684.96 million, a P/E ratio of -2.59 and a beta of 1.57. The firm’s 50 day moving average is $1.85 and its 200 day moving average is $2.00.

Wall Street Analysts Forecast Growth

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

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.