Standard BioTools (NASDAQ:LAB) Cut to “Hold” at TD Cowen

TD Cowen cut shares of Standard BioTools (NASDAQ:LAB) from a buy rating to a hold rating in a research report report published on Wednesday, Marketbeat.com reports. The firm currently has $1.55 price target on the stock.

Separately, Cowen cut Standard BioTools from a “buy” rating to a “hold” rating in a report on Wednesday.

Standard BioTools Price Performance

Shares of LAB stock opened at $1.23 on Wednesday. The stock has a market capitalization of $467.18 million, a PE ratio of -3.84 and a beta of 1.32. Standard BioTools has a 1-year low of $0.92 and a 1-year high of $2.32. The business has a 50-day moving average of $1.26 and a 200 day moving average of $1.20.

Insider Activity at Standard BioTools

In other news, Director Casdin Partners Master Fund, L acquired 150,000 shares of the business’s stock in a transaction that occurred on Friday, August 15th. The stock was bought at an average price of $1.22 per share, with a total value of $183,000.00. Following the completion of the acquisition, the director directly owned 59,750,000 shares of the company’s stock, valued at approximately $72,895,000. The trade was a 0.25% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last three months, insiders acquired 358,220 shares of company stock valued at $442,446 and sold 58,089 shares valued at $57,451. 23.16% of the stock is owned by insiders.

Institutional Trading of Standard BioTools

Several hedge funds have recently bought and sold shares of the stock. Front Street Capital Management Inc. purchased a new position in shares of Standard BioTools in the second quarter valued at about $145,000. BNP Paribas Financial Markets lifted its position in shares of Standard BioTools by 50.3% in the second quarter. BNP Paribas Financial Markets now owns 29,826 shares of the company’s stock valued at $36,000 after acquiring an additional 9,986 shares in the last quarter. Kent Lake PR LLC purchased a new position in shares of Standard BioTools in the second quarter valued at about $1,200,000. Jane Street Group LLC purchased a new position in shares of Standard BioTools in the second quarter valued at about $43,000. Finally, Qube Research & Technologies Ltd lifted its position in shares of Standard BioTools by 5.0% in the second quarter. Qube Research & Technologies Ltd now owns 441,101 shares of the company’s stock valued at $529,000 after acquiring an additional 20,979 shares in the last quarter. Institutional investors own 53.74% of the company’s stock.

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.