Standard BioTools (NASDAQ:LAB) Shares Up 7% – Here’s Why

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

Analysts Set New Price Targets

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

Standard BioTools Price Performance

The firm’s 50 day simple moving average is $1.90 and its two-hundred day simple moving average is $2.04. The firm has a market capitalization of $610.50 million, a P/E ratio of -2.13 and a beta of 1.57.

Insider Activity at Standard BioTools

In other Standard BioTools news, Director Casdin Partners Master Fund, L acquired 150,000 shares of the stock in a transaction dated Monday, August 26th. The shares were acquired at an average cost of $2.15 per share, for a total transaction of $322,500.00. Following the completion of the transaction, the director now directly owns 53,775,821 shares of the company’s stock, valued at approximately $115,618,015.15. The trade was a 0.28 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. 53.10% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Standard BioTools

Hedge funds have recently bought and sold shares of the business. Arizona State Retirement System grew its stake in shares of Standard BioTools by 16.6% during 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 last quarter. XTX Topco Ltd lifted its position in shares of Standard BioTools by 38.2% in the second quarter. XTX Topco Ltd now owns 35,965 shares of the company’s stock valued at $64,000 after acquiring an additional 9,947 shares in the last quarter. Victory Capital Management Inc. grew its position in shares of Standard BioTools by 27.3% in the second quarter. Victory Capital Management Inc. now owns 46,967 shares of the company’s stock valued at $83,000 after purchasing an additional 10,067 shares in the last quarter. Freestone Capital Holdings LLC purchased a new position in Standard BioTools in the first quarter worth approximately $31,000. Finally, Wolverine Trading LLC purchased a new stake in Standard BioTools in the third quarter valued at approximately $27,000. Institutional investors own 53.74% of the company’s stock.

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.