Short Interest in Standard BioTools Inc. (NASDAQ:LAB) Decreases By 24.9%

Standard BioTools Inc. (NASDAQ:LAB) was the target of a significant decrease in short interest in the month of November. As of November 15th, there was short interest totalling 14,680,000 shares, a decrease of 24.9% from the October 31st total of 19,540,000 shares. Approximately 4.1% of the shares of the stock are sold short. Based on an average daily volume of 1,860,000 shares, the days-to-cover ratio is presently 7.9 days.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of LAB. Vanguard Group Inc. increased its holdings in Standard BioTools by 215.3% in the 1st quarter. Vanguard Group Inc. now owns 13,034,043 shares of the company’s stock worth $35,322,000 after purchasing an additional 8,900,104 shares in the last quarter. Hollow Brook Wealth Management LLC bought a new stake in Standard BioTools during the 3rd quarter worth approximately $10,679,000. Sumitomo Mitsui Trust Holdings Inc. raised its position in Standard BioTools by 20.2% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 10,642,271 shares of the company’s stock worth $18,837,000 after purchasing an additional 1,788,780 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in 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 purchasing an additional 1,597,728 shares during the period. Finally, State Street Corp increased its holdings in shares of Standard BioTools by 26.7% during the third quarter. State Street Corp now owns 5,495,136 shares of the company’s stock valued at $10,606,000 after acquiring an additional 1,157,984 shares in the last quarter. 53.74% of the stock is currently owned by institutional investors and hedge funds.

Standard BioTools Trading Up 1.1 %

NASDAQ LAB traded up $0.02 during trading on Friday, hitting $1.84. 485,636 shares of the company’s stock were exchanged, compared to its average volume of 2,447,653. The company has a market cap of $684.85 million, a PE ratio of -2.57 and a beta of 1.57. Standard BioTools has a fifty-two week low of $1.21 and a fifty-two week high of $3.04. The stock’s 50 day moving average price is $1.85 and its two-hundred day moving average price is $2.01.

Analyst Upgrades and Downgrades

Separately, TD Cowen dropped their target price on shares of Standard BioTools from $2.75 to $2.50 and set a “buy” rating for the company in a research report on Thursday, October 31st.

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.