Standard BioTools (NASDAQ:LAB) Trading Up 4.3% - Here's What Happened

Key Points

• Standard BioTools Inc. shares rose by 4.3% in Tuesday trading, reaching a high of $1.33 before closing at $1.34 amid significantly lower trading volume.
• Analysts have mixed views, with Wall Street Zen upgrading the stock from a "sell" to a "hold" rating, while Cowen and Weiss Ratings maintain more cautious stances.
• Insider trading activity saw a director purchase 100,000 shares at $1.29 each, highlighting confidence in the company, while institutional ownership stands at 53.74%.

Standard BioTools Inc. (NASDAQ:LAB - Get Free Report) shares were up 4.3% during trading on Tuesday . The company traded as high as $1.33 and last traded at $1.34. Approximately 98,510 shares traded hands during trading, a decline of 94% from the average daily volume of 1,658,685 shares. The stock had previously closed at $1.28.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on LAB shares. Wall Street Zen raised Standard BioTools from a "sell" rating to a "hold" rating in a research note on Saturday, August 16th. Cowen lowered Standard BioTools from a "buy" rating to a "hold" rating in a report on Wednesday, August 13th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Standard BioTools in a report on Wednesday, October 8th. Finally, TD Cowen lowered Standard BioTools from a "buy" rating to a "hold" rating and set a $1.55 price target for the company. in a report on Wednesday, August 13th. Three equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Reduce" and a consensus target price of $1.55.

Standard BioTools Price Performance

The business has a fifty day simple moving average of $1.30 and a two-hundred day simple moving average of $1.22. The company has a market cap of $502.32 million, a PE ratio of -4.14 and a beta of 1.31.

Insiders Place Their Bets

In related news, Director Casdin Partners Master Fund, L bought 100,000 shares of the stock in a transaction on Tuesday, September 9th. The stock was bought at an average price of $1.29 per share, for a total transaction of $129,000.00. Following the completion of the acquisition, the director directly owned 60,875,000 shares in the company, valued at approximately $78,528,750. This represents a 0.16% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders acquired a total of 1,233,220 shares of company stock worth $1,546,446 in the last ninety days. 23.16% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Standard BioTools

A number of large investors have recently made changes to their positions in LAB. Jump Financial LLC acquired a new position in shares of Standard BioTools during the first quarter worth $26,000. IQ EQ FUND MANAGEMENT IRELAND Ltd increased its position in shares of Standard BioTools by 115.6% during the first quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 27,119 shares of the company's stock worth $29,000 after purchasing an additional 14,541 shares in the last quarter. CWM LLC increased its position in shares of Standard BioTools by 101.8% during the first quarter. CWM LLC now owns 29,705 shares of the company's stock worth $32,000 after purchasing an additional 14,984 shares in the last quarter. Teacher Retirement System of Texas acquired a new position in shares of Standard BioTools during the first quarter worth $35,000. Finally, BNP Paribas Financial Markets increased its position in shares of Standard BioTools by 50.3% during the second quarter. BNP Paribas Financial Markets now owns 29,826 shares of the company's stock worth $36,000 after purchasing an additional 9,986 shares in the last quarter. 53.74% of the stock is owned by institutional investors and hedge funds.

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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