Standard BioTools (NASDAQ:LAB) Trading Down 5.8% – Here’s Why

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

Analysts Set New Price Targets

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

Standard BioTools Trading Down 14.4 %

The stock has a fifty day moving average of $1.85 and a two-hundred day moving average of $1.90. The company has a market capitalization of $644.01 million, a PE ratio of -2.44 and a beta of 1.57.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Bank of New York Mellon Corp grew its holdings in shares of Standard BioTools by 1,019.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 980,983 shares of the company’s stock valued at $1,736,000 after purchasing an additional 893,383 shares during the last quarter. Rhumbline Advisers grew its stake in shares of Standard BioTools by 3,691.1% during the second quarter. Rhumbline Advisers now owns 407,467 shares of the company’s stock valued at $721,000 after buying an additional 396,719 shares during the last quarter. Victory Capital Management Inc. increased its holdings 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 buying an additional 10,067 shares during the period. Arizona State Retirement System increased its holdings 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 buying an additional 9,933 shares during the period. Finally, American Century Companies Inc. lifted its stake in shares of Standard BioTools by 268.8% in the 2nd quarter. American Century Companies Inc. now owns 97,307 shares of the company’s stock valued at $172,000 after acquiring an additional 70,924 shares during the last quarter. 53.74% of the stock is owned by hedge funds and other institutional investors.

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.