Standard BioTools Inc. $LAB Shares Sold by Sumitomo Mitsui Trust Group Inc.

Key Points

• Sumitomo Mitsui Trust Group Inc. sharply reduced its stake in Standard BioTools, selling 3.89 million shares in the first quarter and leaving it with 442,784 shares worth about $407,000.
• Other institutional investors were mixed on the stock, with firms like AQR Capital Management, Creative Planning, and Legal & General Group increasing their holdings while institutional ownership overall remained high at 53.74%.
• Analyst sentiment remains cautious: the stock has a consensus rating of "Reduce" and an average price target of $1.35, while shares recently traded at $0.86, below both the 50-day and 200-day moving averages.

Sumitomo Mitsui Trust Group Inc. cut its position in Standard BioTools Inc. (NASDAQ:LAB - Free Report) by 89.8% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 442,784 shares of the company's stock after selling 3,893,103 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned 0.11% of Standard BioTools worth $407,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the company. AQR Capital Management LLC increased its stake in Standard BioTools by 862.2% during the 1st quarter. AQR Capital Management LLC now owns 482,912 shares of the company's stock worth $522,000 after buying an additional 432,725 shares during the period. Creative Planning increased its position in shares of Standard BioTools by 56.6% during the second quarter. Creative Planning now owns 61,102 shares of the company's stock worth $73,000 after acquiring an additional 22,082 shares during the last quarter. Legal & General Group Plc increased its position in shares of Standard BioTools by 25.7% during the second quarter. Legal & General Group Plc now owns 310,435 shares of the company's stock worth $373,000 after acquiring an additional 63,484 shares during the last quarter. Rhumbline Advisers lifted its stake in shares of Standard BioTools by 14.6% in the second quarter. Rhumbline Advisers now owns 472,981 shares of the company's stock worth $568,000 after acquiring an additional 60,220 shares in the last quarter. Finally, Prudential Financial Inc. boosted its holdings in Standard BioTools by 72.7% in the second quarter. Prudential Financial Inc. now owns 39,307 shares of the company's stock valued at $47,000 after purchasing an additional 16,541 shares during the last quarter. 53.74% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have weighed in on LAB. Wall Street Zen upgraded Standard BioTools from a "sell" rating to a "hold" rating in a research note on Saturday, March 21st. Weiss Ratings lowered Standard BioTools from a "sell (d+)" rating to a "sell (d)" rating in a research report on Wednesday, May 27th. Two investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has an average rating of "Reduce" and a consensus price target of $1.35.

Standard BioTools Stock Performance

LAB opened at $0.86 on Friday. The company has a market capitalization of $334.74 million, a P/E ratio of 4.29 and a beta of 1.42. The company has a 50-day moving average of $0.94 and a 200-day moving average of $1.07. Standard BioTools Inc. has a 1-year low of $0.70 and a 1-year high of $1.72.

Standard BioTools Profile

Standard BioTools, Inc NASDAQ: LAB, formerly known as Fluidigm Corporation, is a life sciences tools company that develops and commercializes high-parameter, single-cell and spatial biology solutions. The company’s platforms integrate microfluidics, mass cytometry, sequencing and imaging to enable researchers to probe cellular heterogeneity, molecular interactions and complex tissue architecture. Its end users span academic institutions, pharmaceutical and biotechnology companies worldwide.

The company’s flagship products include mass cytometry systems—such as the Helios and Hyperion Imaging System—for multiplexed protein analysis at single-cell resolution, and the Chromium-style single-cell genomic tools for high-throughput gene expression profiling.

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