Standard BioTools (NASDAQ:LAB) Trading Down 5.8% – Here’s What Happened

Shares of Standard BioTools Inc. (NASDAQ:LAB) were down 5.8% on Tuesday . The stock traded as low as $1.94 and last traded at $1.94. Approximately 209,491 shares changed hands during mid-day trading, a decline of 87% from the average daily volume of 1,595,948 shares. The stock had previously closed at $2.06.

Analyst Ratings Changes

Separately, TD Cowen reduced their price objective on Standard BioTools from $2.75 to $2.50 and set a “buy” rating for the company in a research note on Thursday, October 31st.

Standard BioTools Trading Down 3.4 %

The stock’s 50-day moving average price is $1.86 and its two-hundred day moving average price is $1.90. The stock has a market capitalization of $740.80 million, a P/E ratio of -2.80 and a beta of 1.57.

Institutional Trading of Standard BioTools

A number of large investors have recently bought and sold shares of the company. Charles Schwab Investment Management Inc. grew 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 worth $4,719,000 after acquiring an additional 1,597,728 shares during the period. State Street Corp boosted its position in Standard BioTools by 26.7% during the third quarter. State Street Corp now owns 5,495,136 shares of the company’s stock worth $10,606,000 after purchasing an additional 1,157,984 shares during the period. Barclays PLC increased its stake in shares of Standard BioTools by 13.2% in the third 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 in the last quarter. Rhumbline Advisers increased its stake 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 purchasing an additional 396,719 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its position in shares of Standard BioTools by 1,019.8% in the second quarter. Bank of New York Mellon Corp now owns 980,983 shares of the company’s stock valued at $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 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.