Standard BioTools (NASDAQ:LAB) Stock Price Up 7.3% – Should You Buy?

Standard BioTools Inc. (NASDAQ:LAB)’s stock price shot up 7.3% on Wednesday . The stock traded as high as $1.86 and last traded at $1.84. 730,664 shares traded hands during mid-day trading, a decline of 70% from the average session volume of 2,452,241 shares. The stock had previously closed at $1.71.

Analyst Upgrades and Downgrades

Separately, TD Cowen dropped their price objective on shares of 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 stock has a fifty day moving average of $1.86 and a 200 day moving average of $2.01. The company has a market capitalization of $677.51 million, a P/E ratio of -2.41 and a beta of 1.57.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Wolverine Trading LLC purchased a new stake in Standard BioTools in the 3rd quarter worth $27,000. Shell Asset Management Co. purchased a new position in Standard BioTools during the 1st quarter valued at approximately $39,000. Nisa Investment Advisors LLC increased its stake in Standard BioTools by 433.8% in the 3rd quarter. Nisa Investment Advisors LLC now owns 18,128 shares of the company’s stock worth $35,000 after acquiring an additional 14,732 shares during the last quarter. Xponance Inc. purchased a new stake in shares of Standard BioTools during the 2nd quarter worth approximately $34,000. Finally, Creative Planning bought a new position in shares of Standard BioTools during the 3rd quarter valued at approximately $39,000. Institutional investors 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.