Standard BioTools (NASDAQ:LAB) Shares Down 5.9% – Here’s What Happened

Standard BioTools Inc. (NASDAQ:LAB)’s share price was down 5.9% during trading on Wednesday . The company traded as low as $1.92 and last traded at $1.93. Approximately 699,709 shares changed hands during mid-day trading, a decline of 72% from the average daily volume of 2,461,302 shares. The stock had previously closed at $2.05.

Analyst Ratings Changes

Separately, TD Cowen decreased their target price on 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 Stock Performance

The business has a fifty day simple moving average of $1.93 and a 200 day simple moving average of $2.07.

Insiders Place Their Bets

In other Standard BioTools news, Director Casdin Partners Master Fund, L bought 150,000 shares of Standard BioTools stock in a transaction dated Monday, August 26th. The stock was bought at an average cost of $2.15 per share, with a total value of $322,500.00. Following the completion of the acquisition, the director now directly owns 53,775,821 shares in the company, valued at approximately $115,618,015.15. The trade was a 0.00 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In the last ninety days, insiders purchased 1,192,100 shares of company stock valued at $2,357,173. Corporate insiders own 53.10% of the company’s stock.

Hedge Funds Weigh In On Standard BioTools

Several institutional investors have recently bought and sold shares of the company. Arizona State Retirement System lifted its stake in Standard BioTools by 16.6% in the second quarter. Arizona State Retirement System now owns 69,596 shares of the company’s stock valued at $123,000 after purchasing an additional 9,933 shares during the last quarter. XTX Topco Ltd lifted its position in shares of Standard BioTools by 38.2% during the second quarter. XTX Topco Ltd now owns 35,965 shares of the company’s stock worth $64,000 after acquiring an additional 9,947 shares in the last quarter. Victory Capital Management Inc. lifted its position in shares of Standard BioTools by 27.3% during the second quarter. Victory Capital Management Inc. now owns 46,967 shares of the company’s stock worth $83,000 after acquiring an additional 10,067 shares in the last quarter. Freestone Capital Holdings LLC purchased a new stake in shares of Standard BioTools during the first quarter worth $31,000. Finally, Shell Asset Management Co. purchased a new stake in shares of Standard BioTools during the first quarter worth $39,000. Hedge funds and other institutional investors own 53.74% of the company’s stock.

About Standard BioTools

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.