Standard BioTools (NASDAQ:LAB) Stock Price Up 6.4%

Standard BioTools Inc. (NASDAQ:LAB)’s stock price rose 6.4% on Wednesday . The stock traded as high as $1.78 and last traded at $1.76. Approximately 3,064,258 shares traded hands during mid-day trading, an increase of 32% from the average daily volume of 2,320,072 shares. The stock had previously closed at $1.65.

Wall Street Analysts Forecast Growth

LAB has been the topic of several analyst reports. Jefferies Financial Group started coverage on shares of Standard BioTools in a report on Thursday, April 4th. They issued a “buy” rating and a $3.25 target price on the stock. TD Cowen began coverage on shares of Standard BioTools in a report on Tuesday, April 16th. They set a “buy” rating and a $3.50 price objective on the stock.

Standard BioTools Price Performance

The business’s fifty day moving average price is $2.37 and its 200 day moving average price is $2.40.

Standard BioTools (NASDAQ:LAB) last posted its quarterly earnings data on Wednesday, May 8th. The company reported ($0.26) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.13). Standard BioTools had a negative net margin of 70.98% and a negative return on equity of 144.74%. The firm had revenue of $45.54 million during the quarter, compared to analysts’ expectations of $46.50 million. Analysts predict that Standard BioTools Inc. will post -0.4 earnings per share for the current fiscal year.

Insider Activity at Standard BioTools

In related news, Director Casdin Partners Master Fund, L bought 352,072 shares of the firm’s stock in a transaction on Friday, May 17th. The shares were bought at an average cost of $2.56 per share, for a total transaction of $901,304.32. Following the transaction, the director now owns 45,375,821 shares of the company’s stock, valued at $116,162,101.76. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders have bought a total of 1,102,072 shares of company stock worth $2,831,304 in the last three months. Insiders own 53.10% of the company’s stock.

Institutional Investors Weigh In On Standard BioTools

Several institutional investors have recently made changes to their positions in LAB. Freestone Capital Holdings LLC purchased a new stake in shares of Standard BioTools in the 1st quarter worth about $31,000. Evolution Wealth Advisors LLC acquired a new position in Standard BioTools in the 1st quarter valued at about $33,000. Shell Asset Management Co. acquired a new position in Standard BioTools in the 1st quarter valued at about $39,000. Peak Asset Management LLC acquired a new position in Standard BioTools in the 1st quarter valued at about $46,000. Finally, BNP Paribas Financial Markets raised its stake in Standard BioTools by 1,775,900.0% in the 1st quarter. BNP Paribas Financial Markets now owns 17,760 shares of the company’s stock valued at $48,000 after purchasing an additional 17,759 shares during the last quarter. 53.74% of the stock is currently owned by hedge funds and other 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.