Standard BioTools (NASDAQ:LAB) Trading 9.9% Higher – Time to Buy?

Standard BioTools Inc. (NASDAQ:LAB)’s share price traded up 9.9% during trading on Monday . The company traded as high as $2.10 and last traded at $2.10. 754,739 shares changed hands during trading, a decline of 69% from the average session volume of 2,396,670 shares. The stock had previously closed at $1.91.

Wall Street Analyst Weigh In

Separately, TD Cowen dropped their price target on 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 Stock Down 10.0 %

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

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Arizona State Retirement System grew its position in 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 acquiring an additional 9,933 shares during the period. XTX Topco Ltd lifted its stake in Standard BioTools by 38.2% during the second quarter. XTX Topco Ltd now owns 35,965 shares of the company’s stock worth $64,000 after purchasing an additional 9,947 shares in the last quarter. Victory Capital Management Inc. lifted its stake in Standard BioTools by 27.3% during the second quarter. Victory Capital Management Inc. now owns 46,967 shares of the company’s stock worth $83,000 after purchasing an additional 10,067 shares in the last quarter. Wolverine Trading LLC acquired a new position in Standard BioTools during the third quarter worth $27,000. Finally, Nisa Investment Advisors LLC lifted its stake 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 purchasing an additional 14,732 shares in the last quarter. 53.74% of the stock is currently 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.