Standard BioTools (NASDAQ:LAB) Reaches New 12-Month Low Following Analyst Downgrade

Standard BioTools Inc. (NASDAQ:LAB) shares reached a new 52-week low during mid-day trading on Thursday after TD Cowen lowered their price target on the stock from $3.50 to $2.75. TD Cowen currently has a buy rating on the stock. Standard BioTools traded as low as $1.21 and last traded at $1.62, with a volume of 1077695 shares traded. The stock had previously closed at $2.24.

Separately, Jefferies Financial Group initiated coverage on shares of Standard BioTools in a research note on Thursday, April 4th. They set a “buy” rating and a $3.25 price objective on the stock.

Insiders Place Their Bets

In other news, Director Casdin Partners Master Fund, L acquired 500,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 15th. The shares were purchased at an average cost of $2.57 per share, for a total transaction of $1,285,000.00. Following the transaction, the director now directly owns 44,523,749 shares in the company, valued at approximately $114,426,034.93. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Over the last three months, insiders have acquired 1,102,072 shares of company stock valued at $2,831,304. Company insiders own 53.10% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Rhumbline Advisers increased its position in shares of Standard BioTools by 3,691.1% in the second quarter. Rhumbline Advisers now owns 407,467 shares of the company’s stock worth $721,000 after acquiring an additional 396,719 shares in the last quarter. Principal Financial Group Inc. acquired a new stake in shares of Standard BioTools during the second quarter worth approximately $57,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Standard BioTools by 184.5% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 50,330 shares of the company’s stock worth $89,000 after purchasing an additional 32,640 shares during the period. IQ EQ FUND MANAGEMENT IRELAND Ltd acquired a new stake in shares of Standard BioTools during the second quarter worth approximately $39,000. Finally, Bank of New York Mellon Corp boosted its holdings in shares of Standard BioTools by 1,019.8% during the second quarter. Bank of New York Mellon Corp now owns 980,983 shares of the company’s stock worth $1,736,000 after purchasing an additional 893,383 shares during the period. 53.74% of the stock is owned by hedge funds and other institutional investors.

Standard BioTools Price Performance

The firm has a market capitalization of $611.19 million, a price-to-earnings ratio of -1.63 and a beta of 1.67. The firm’s fifty day moving average is $2.13 and its 200 day moving average is $2.39.

Standard BioTools (NASDAQ:LAB) last posted its quarterly earnings results on Wednesday, May 8th. The company reported ($0.26) EPS for the quarter, missing the consensus estimate of ($0.13) by ($0.13). The company had revenue of $45.54 million for the quarter, compared to analyst estimates of $46.50 million. Standard BioTools had a negative return on equity of 88.47% and a negative net margin of 87.05%. Equities research analysts forecast that Standard BioTools Inc. will post -0.4 EPS for the current fiscal year.

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.