Standard BioTools (NASDAQ:LAB) Stock Falls 1.7% – What’s Next?

Standard BioTools Inc. (NASDAQ:LAB) fell 1.7% during trading on Monday. The company traded as low as $0.7206 and last traded at $0.7273. 478,990 shares traded hands during mid-day trading, a decline of 66% from the average session volume of 1,399,853 shares. The stock had previously closed at $0.7399.

Analysts Set New Price Targets

Separately, Weiss Ratings cut Standard BioTools from a “sell (d+)” rating to a “sell (d)” rating in a research note on Friday, August 7th. Two equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Standard BioTools has a consensus rating of “Reduce” and a consensus price target of $1.35.

Standard BioTools Price Performance

The stock’s 50 day simple moving average is $0.74 and its two-hundred day simple moving average is $0.87. The stock has a market cap of $285.52 million, a P/E ratio of 3.31 and a beta of 1.37.

Standard BioTools (NASDAQ:LAB) last issued its quarterly earnings data on Wednesday, August 5th. The company reported ($0.07) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by ($0.06). Standard BioTools had a negative return on equity of 7.57% and a net margin of 100.36%.The company had revenue of $20.10 million for the quarter, compared to the consensus estimate of $20.80 million.

Hedge Funds Weigh In On Standard BioTools

A number of institutional investors and hedge funds have recently added to or reduced their stakes in LAB. Engineers Gate Manager LP bought a new position in Standard BioTools during the 2nd quarter worth about $56,000. Squarepoint Ops LLC bought a new stake in shares of Standard BioTools in the second quarter valued at about $228,000. HighTower Advisors LLC lifted its holdings in shares of Standard BioTools by 552.5% in the second quarter. HighTower Advisors LLC now owns 355,581 shares of the company’s stock valued at $293,000 after purchasing an additional 301,090 shares in the last quarter. Hsbc Holdings PLC acquired a new position in shares of Standard BioTools during the second quarter worth about $219,000. Finally, Public Employees Retirement System of Ohio acquired a new position in shares of Standard BioTools during the second quarter worth about $42,000. 53.74% of the stock is owned by institutional investors and hedge funds.

About Standard BioTools

Standard BioTools Inc (NASDAQ: LAB) develops and supplies technologies used to advance biomedical research, with a focus on single-cell analysis, spatial biology and proteomics. Its products are designed to help researchers characterize cells, tissues and biological samples at high resolution for applications including immunology, oncology, infectious disease research and drug development.

The company’s portfolio includes mass cytometry systems and reagents sold under the CyTOF and Maxpar brands, as well as imaging technologies for analyzing the spatial distribution of proteins and other biomarkers in tissue samples.