Standard BioTools (NASDAQ:LAB) Shares Gap Down to $2.00

Shares of Standard BioTools Inc. (NASDAQ:LAB) gapped down before the market opened on Wednesday . The stock had previously closed at $2.00, but opened at $1.95. Standard BioTools shares last traded at $1.97, with a volume of 59,640 shares traded.

Analyst Upgrades and Downgrades

Separately, TD Cowen lowered their price target on shares of Standard BioTools from $3.50 to $2.75 and set a “buy” rating on the stock in a research note on Thursday, August 1st.

Standard BioTools Price Performance

The company has a market cap of $740.84 million, a PE ratio of -1.98 and a beta of 1.58. The firm has a 50-day simple moving average of $1.98 and a two-hundred day simple moving average of $2.28.

Standard BioTools (NASDAQ:LAB) last issued its quarterly earnings results on Wednesday, July 31st. The company reported ($0.09) EPS for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.01. The business had revenue of $37.21 million during the quarter, compared to the consensus estimate of $48.15 million. Standard BioTools had a negative net margin of 87.05% and a negative return on equity of 43.45%. Equities research analysts forecast that Standard BioTools Inc. will post -0.42 EPS for the current year.

Insider Activity

In related news, Director Casdin Partners Master Fund, L purchased 1,000,000 shares of the company’s stock in a transaction that occurred on Friday, August 2nd. The stock was purchased at an average price of $1.63 per share, with a total value of $1,630,000.00. Following the completion of the transaction, the director now owns 47,730,821 shares of the company’s stock, valued at approximately $77,801,238.23. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders purchased a total of 5,117,508 shares of company stock valued at $8,662,080 in the last 90 days. 53.10% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Arizona State Retirement System increased its holdings in shares of Standard BioTools by 16.6% in the 2nd quarter. Arizona State Retirement System now owns 69,596 shares of the company’s stock valued at $123,000 after acquiring an additional 9,933 shares during the last quarter. XTX Topco Ltd raised its position in shares of Standard BioTools by 38.2% during the 2nd quarter. XTX Topco Ltd now owns 35,965 shares of the company’s stock worth $64,000 after purchasing an additional 9,947 shares during the period. Victory Capital Management Inc. lifted its holdings in shares of Standard BioTools by 27.3% in the 2nd 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 during the last quarter. Freestone Capital Holdings LLC acquired a new position in Standard BioTools during the 1st quarter valued at approximately $31,000. Finally, Evolution Wealth Advisors LLC acquired a new stake in Standard BioTools in the first quarter worth $33,000. 53.74% of the stock is owned by institutional investors and hedge funds.

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.