Standard BioTools (NASDAQ:LAB) Cut to Hold at TD Cowen

Key Points

• Standard BioTools has been downgraded from a "buy" to a "hold" rating by TD Cowen, who set a target price of $1.55 for the stock, indicating an 18.32% upside potential from its previous close.
• The company's stock opened trading at $1.31 and has fluctuated between a 12-month low of $0.92 and a high of $2.32.
• Over half of Standard BioTools' shares are owned by hedge funds and institutional investors, highlighting significant interest from larger financial entities.

TD Cowen downgraded shares of Standard BioTools (NASDAQ:LAB - Free Report) from a buy rating to a hold rating in a research report report published on Wednesday morning, MarketBeat.com reports. TD Cowen currently has $1.55 price objective on the stock.

Separately, Cowen lowered shares of Standard BioTools from a "buy" rating to a "hold" rating in a research note on Wednesday, August 13th.

Standard BioTools Stock Up 3.3%

LAB traded up $0.04 during trading on Wednesday, reaching $1.27. The company's stock had a trading volume of 1,755,250 shares, compared to its average volume of 1,763,179. The firm has a fifty day simple moving average of $1.26 and a two-hundred day simple moving average of $1.20. Standard BioTools has a 1 year low of $0.92 and a 1 year high of $2.32. The company has a market cap of $482.37 million, a price-to-earnings ratio of -3.97 and a beta of 1.32.

Insider Activity at Standard BioTools

In other news, Director Casdin Partners Master Fund, L purchased 150,000 shares of Standard BioTools stock in a transaction dated Friday, August 15th. The shares were purchased at an average price of $1.22 per share, with a total value of $183,000.00. Following the transaction, the director owned 59,750,000 shares in the company, valued at $72,895,000. This represents a 0.25% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Over the last 90 days, insiders have purchased 358,220 shares of company stock worth $442,446 and have sold 58,089 shares worth $57,451. Insiders own 23.16% of the company's stock.

Institutional Trading of Standard BioTools

A number of institutional investors and hedge funds have recently added to or reduced their stakes in LAB. Geode Capital Management LLC raised its position in Standard BioTools by 0.4% in the fourth quarter. Geode Capital Management LLC now owns 6,975,221 shares of the company's stock valued at $12,209,000 after purchasing an additional 25,504 shares during the period. Wells Fargo & Company MN grew its stake in shares of Standard BioTools by 29.1% in the fourth quarter. Wells Fargo & Company MN now owns 181,256 shares of the company's stock worth $317,000 after acquiring an additional 40,894 shares in the last quarter. Invesco Ltd. grew its stake in shares of Standard BioTools by 7.5% in the fourth quarter. Invesco Ltd. now owns 175,041 shares of the company's stock worth $306,000 after acquiring an additional 12,194 shares in the last quarter. Rockefeller Capital Management L.P. grew its stake in shares of Standard BioTools by 83.6% in the fourth quarter. Rockefeller Capital Management L.P. now owns 296,631 shares of the company's stock worth $519,000 after acquiring an additional 135,075 shares in the last quarter. Finally, MetLife Investment Management LLC grew its stake in shares of Standard BioTools by 27.9% in the fourth quarter. MetLife Investment Management LLC now owns 183,382 shares of the company's stock worth $321,000 after acquiring an additional 40,057 shares in the last quarter. Hedge funds and other institutional investors own 53.74% of the company's stock.

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.