Standard BioTools (NASDAQ:LAB) Trading Down 6.8% – Here’s Why

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

Analysts Set New Price Targets

Separately, TD Cowen cut their price target 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 Performance

The stock has a 50 day moving average of $1.87 and a two-hundred day moving average of $1.95. The firm has a market capitalization of $744.52 million, a P/E ratio of -2.82 and a beta of 1.61.

Institutional Trading of Standard BioTools

Several large investors have recently modified their holdings of LAB. SG Americas Securities LLC boosted its stake in Standard BioTools by 85.1% during the 2nd quarter. SG Americas Securities LLC now owns 48,287 shares of the company’s stock valued at $85,000 after purchasing an additional 22,193 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of Standard BioTools by 1,019.8% during the second quarter. Bank of New York Mellon Corp now owns 980,983 shares of the company’s stock worth $1,736,000 after buying an additional 893,383 shares during the last quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd acquired a new position in shares of Standard BioTools during the second quarter worth approximately $39,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Standard BioTools by 184.5% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 50,330 shares of the company’s stock valued at $89,000 after acquiring an additional 32,640 shares during the period. Finally, Principal Financial Group Inc. acquired a new stake in shares of Standard BioTools in the second quarter worth $57,000. 53.74% of the stock is owned by 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.