ARK Investment Management LLC Lowers Stock Holdings in Standard BioTools Inc. (NASDAQ:LAB)

ARK Investment Management LLC trimmed its position in shares of Standard BioTools Inc. (NASDAQ:LAB - Free Report) by 29.4% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 8,949,765 shares of the company's stock after selling 3,729,626 shares during the quarter. ARK Investment Management LLC owned approximately 2.41% of Standard BioTools worth $17,273,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also made changes to their positions in LAB. Vanguard Group Inc. grew its position in Standard BioTools by 215.3% in the first quarter. Vanguard Group Inc. now owns 13,034,043 shares of the company's stock valued at $35,322,000 after acquiring an additional 8,900,104 shares during the period. Swiss National Bank acquired a new position in shares of Standard BioTools during the first quarter valued at $1,162,000. Sumitomo Mitsui Trust Holdings Inc. lifted its stake in shares of Standard BioTools by 20.2% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 10,642,271 shares of the company's stock valued at $18,837,000 after acquiring an additional 1,788,780 shares during the period. Rhumbline Advisers lifted its stake in shares of Standard BioTools by 3,691.1% during the second quarter. Rhumbline Advisers now owns 407,467 shares of the company's stock valued at $721,000 after acquiring an additional 396,719 shares during the period. Finally, Bank of New York Mellon Corp lifted its stake in Standard BioTools by 1,019.8% in the second quarter. Bank of New York Mellon Corp now owns 980,983 shares of the company's stock valued at $1,736,000 after buying an additional 893,383 shares during the period. 53.74% of the stock is currently owned by institutional investors and hedge funds.

Standard BioTools Stock Performance

Shares of NASDAQ:LAB traded down $0.03 during midday trading on Friday, reaching $2.15. The company's stock had a trading volume of 1,459,172 shares, compared to its average volume of 2,469,965. The firm has a market capitalization of $797.98 million, a price-to-earnings ratio of -3.07 and a beta of 1.57. The firm has a 50 day moving average price of $1.93 and a two-hundred day moving average price of $2.08. Standard BioTools Inc. has a fifty-two week low of $1.21 and a fifty-two week high of $3.04.

Insider Activity at Standard BioTools

In related news, Director Casdin Partners Master Fund, L bought 1,200,000 shares of the company's stock in a transaction on Wednesday, August 14th. The shares were purchased at an average price of $1.59 per share, for a total transaction of $1,908,000.00. Following the completion of the transaction, the director now directly owns 51,775,821 shares in the company, valued at approximately $82,323,555.39. The trade was a 0.00 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Over the last quarter, insiders have bought 2,892,100 shares of company stock worth $5,085,173. Insiders own 53.10% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, TD Cowen decreased their price objective on Standard BioTools from $2.75 to $2.50 and set a "buy" rating for the company in a report on Thursday, October 31st.

Standard BioTools 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.