Standard BioTools (NASDAQ:LAB) Trading Down 5.8% – What’s Next?

Standard BioTools Inc. (NASDAQ:LAB) shares dropped 5.8% on Wednesday . The company traded as low as $1.56 and last traded at $1.56. Approximately 844,893 shares traded hands during trading, a decline of 54% from the average daily volume of 1,822,898 shares. The stock had previously closed at $1.65.

Wall Street Analysts Forecast Growth

Separately, TD Cowen lowered their price target on Standard BioTools from $2.75 to $2.50 and set a “buy” rating on the stock in a report on Thursday, October 31st.

Standard BioTools Stock Performance

The company has a market capitalization of $588.17 million, a PE ratio of -2.23 and a beta of 1.57. The company has a 50 day simple moving average of $1.82 and a 200 day simple moving average of $1.90.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of LAB. Charles Schwab Investment Management Inc. boosted its stake in shares of Standard BioTools by 188.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,445,083 shares of the company’s stock valued at $4,719,000 after buying an additional 1,597,728 shares during the last quarter. State Street Corp boosted its position in Standard BioTools by 26.7% during the 3rd quarter. State Street Corp now owns 5,495,136 shares of the company’s stock worth $10,606,000 after acquiring an additional 1,157,984 shares during the period. Barclays PLC increased its position in 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 purchasing an additional 377,195 shares during the last quarter. Geode Capital Management LLC raised its holdings in Standard BioTools by 2.3% during the third quarter. Geode Capital Management LLC now owns 6,949,717 shares of the company’s stock valued at $13,415,000 after buying an additional 154,848 shares in the last quarter. Finally, American Century Companies Inc. boosted its holdings in Standard BioTools by 268.8% during the second quarter. American Century Companies Inc. now owns 97,307 shares of the company’s stock valued at $172,000 after acquiring an additional 70,924 shares during the period. Institutional investors and hedge funds 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.