Standard BioTools (NASDAQ:LAB) Stock Price Up 7% – Still a Buy?

Standard BioTools Inc. (NASDAQ:LAB)’s stock price traded up 7% during mid-day trading on Wednesday . The stock traded as high as $1.65 and last traded at $1.62. 692,280 shares traded hands during trading, a decline of 72% from the average session volume of 2,460,480 shares. The stock had previously closed at $1.51.

Analyst Ratings Changes

Separately, TD Cowen reduced their price objective 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 Price Performance

The stock has a market cap of $603.06 million, a price-to-earnings ratio of -2.28 and a beta of 1.57. The business has a fifty day moving average of $1.88 and a 200 day moving average of $2.03.

Insiders Place Their Bets

In other Standard BioTools news, Director Casdin Partners Master Fund, L acquired 150,000 shares of the business’s stock in a transaction that occurred on Monday, August 26th. The stock was acquired at an average price of $2.15 per share, with a total value of $322,500.00. Following the transaction, the director now owns 53,775,821 shares of the company’s stock, valued at approximately $115,618,015.15. This trade represents a 0.28 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 53.10% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Vanguard Group Inc. grew its position in Standard BioTools by 215.3% during the first quarter. Vanguard Group Inc. now owns 13,034,043 shares of the company’s stock worth $35,322,000 after buying an additional 8,900,104 shares in the last quarter. Swiss National Bank acquired a new stake in Standard BioTools during the first quarter worth $1,162,000. Sumitomo Mitsui Trust Holdings Inc. increased its holdings in Standard BioTools by 20.2% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 10,642,271 shares of the company’s stock valued at $18,837,000 after buying an additional 1,788,780 shares during the period. Rhumbline Advisers raised its stake in shares of Standard BioTools by 3,691.1% in the 2nd quarter. Rhumbline Advisers now owns 407,467 shares of the company’s stock valued at $721,000 after buying an additional 396,719 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its position 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 acquiring an additional 893,383 shares in the last quarter. 53.74% of the stock is currently owned by institutional investors and hedge funds.

Standard BioTools Company Profile

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.