Standard BioTools Inc. (NASDAQ:LAB) Short Interest Update

Key Points

• Short interest in Standard BioTools fell sharply in June, dropping 65.9% to 3.43 million shares as of June 30. That represents about 1.2% of the company’s shares outstanding and a days-to-cover ratio of just 0.5 days.
• Analyst sentiment remains cautious, with the stock holding a consensus rating of “Reduce” and an average price target of $1.35. Recent updates included rating changes from Wall Street Zen and Weiss Ratings, while the current stock price was $0.92.
• Institutional investors have been active in the name, with several firms increasing their stakes, including a notable 862.2% increase by AQR Capital Management. Institutions now own about 53.74% of the stock.

Standard BioTools Inc. (NASDAQ:LAB - Get Free Report) was the target of a large drop in short interest during the month of June. As of June 30th, there was short interest totaling 3,425,003 shares, a drop of 65.9% from the June 15th total of 10,029,339 shares. Based on an average trading volume of 6,850,088 shares, the days-to-cover ratio is presently 0.5 days. Approximately 1.2% of the company's shares are sold short.

Analysts Set New Price Targets

Several equities research analysts have commented on LAB shares. Wall Street Zen raised shares of Standard BioTools from a "sell" rating to a "hold" rating in a research note on Saturday, March 21st. Weiss Ratings cut shares of 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 issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Reduce" and a consensus target price of $1.35.

Standard BioTools Price Performance

Shares of Standard BioTools stock opened at $0.92 on Monday. The company has a market capitalization of $358.51 million, a P/E ratio of 4.59 and a beta of 1.42. The business has a 50-day moving average of $0.95 and a two-hundred day moving average of $1.09. Standard BioTools has a 1 year low of $0.70 and a 1 year high of $1.72.

Institutional Trading of Standard BioTools

A number of large investors have recently bought and sold shares of the business. AQR Capital Management LLC lifted its stake in Standard BioTools by 862.2% in the first quarter. AQR Capital Management LLC now owns 482,912 shares of the company's stock valued at $522,000 after buying an additional 432,725 shares in the last quarter. 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 in 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 in the last quarter. Rhumbline Advisers increased its position in shares of Standard BioTools by 14.6% during 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. raised its holdings in shares of Standard BioTools by 72.7% during the second quarter. Prudential Financial Inc. now owns 39,307 shares of the company's stock worth $47,000 after acquiring an additional 16,541 shares during the period. 53.74% of the stock is owned by institutional investors.

About Standard BioTools

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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