Standard BioTools (NASDAQ:LAB) Stock Price Down 5.8% – Here’s What Happened

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

Wall Street Analyst Weigh In

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

Standard BioTools Stock Performance

The company has a 50-day simple moving average of $1.85 and a two-hundred day simple moving average of $1.90. The firm has a market capitalization of $644.01 million, a P/E ratio of -2.44 and a beta of 1.57.

Institutional Investors Weigh In On Standard BioTools

Several hedge funds have recently made changes to their positions in LAB. JPMorgan Chase & Co. raised its holdings in Standard BioTools by 7.7% in the third quarter. JPMorgan Chase & Co. now owns 139,748 shares of the company’s stock worth $270,000 after purchasing an additional 9,995 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Standard BioTools by 2.3% in the 3rd quarter. Geode Capital Management LLC now owns 6,949,717 shares of the company’s stock worth $13,415,000 after acquiring an additional 154,848 shares in the last quarter. Barclays PLC increased its stake in shares of Standard BioTools by 13.2% in the 3rd quarter. Barclays PLC now owns 3,228,360 shares of the company’s stock worth $6,231,000 after acquiring an additional 377,195 shares in the last quarter. XTX Topco Ltd lifted its position in Standard BioTools by 133.1% during the 3rd quarter. XTX Topco Ltd now owns 83,817 shares of the company’s stock valued at $162,000 after acquiring an additional 47,852 shares during the period. Finally, Wolverine Trading LLC bought a new stake in Standard BioTools during the third quarter worth about $27,000. 53.74% of the stock is currently 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.