Standard BioTools (NASDAQ:LAB) Downgraded to Hold Rating by 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.

Standard BioTools (NASDAQ:LAB - Get Free Report) was downgraded by investment analysts at TD Cowen from a "buy" rating to a "hold" rating in a report released on Wednesday, MarketBeat Ratings reports. They presently have a $1.55 price objective on the stock. TD Cowen's target price indicates a potential upside of 18.32% from the company's previous close.

Separately, Cowen lowered Standard BioTools from a "buy" rating to a "hold" rating in a research note on Wednesday.

Standard BioTools Price Performance

Standard BioTools stock opened at $1.31 on Wednesday. The stock has a market capitalization of $497.56 million, a PE ratio of -4.09 and a beta of 1.32. Standard BioTools has a 12 month low of $0.92 and a 12 month high of $2.32. The business has a 50 day simple moving average of $1.24 and a 200-day simple moving average of $1.21.

Hedge Funds Weigh In On Standard BioTools

Large investors have recently modified their holdings of the business. Jump Financial LLC purchased a new position in Standard BioTools in the 1st quarter valued at approximately $26,000. IQ EQ FUND MANAGEMENT IRELAND Ltd increased its stake in Standard BioTools by 115.6% in the 1st quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 27,119 shares of the company's stock valued at $29,000 after purchasing an additional 14,541 shares in the last quarter. Two Sigma Securities LLC purchased a new position in Standard BioTools in the 4th quarter valued at approximately $30,000. CWM LLC increased its stake in Standard BioTools by 101.8% in the 1st quarter. CWM LLC now owns 29,705 shares of the company's stock valued at $32,000 after purchasing an additional 14,984 shares in the last quarter. Finally, Teacher Retirement System of Texas purchased a new position in Standard BioTools in the 1st quarter valued at approximately $35,000. 53.74% of the stock is owned by hedge funds and other institutional investors.

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.

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