Standard BioTools (NASDAQ:LAB) Stock Price Down 6.3% - Should You Sell?

Shares of Standard BioTools Inc. (NASDAQ:LAB - Get Free Report) dropped 6.3% on Friday . The stock traded as low as $1.78 and last traded at $1.78. Approximately 371,735 shares changed hands during mid-day trading, a decline of 84% from the average daily volume of 2,371,277 shares. The stock had previously closed at $1.90.

Wall Street Analysts Forecast Growth

Separately, TD Cowen lowered their target price on shares of Standard BioTools from $2.75 to $2.50 and set a "buy" rating on the stock in a research note on Thursday, October 31st.

Standard BioTools Trading Down 4.2 %

The firm has a fifty day simple moving average of $1.87 and a two-hundred day simple moving average of $1.92. The firm has a market cap of $677.51 million, a PE ratio of -2.56 and a beta of 1.61.

Institutional Investors Weigh In On Standard BioTools

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Wolverine Trading LLC bought a new position in Standard BioTools during the 3rd quarter valued at about $27,000. Xponance Inc. purchased a new stake in Standard BioTools in the second quarter worth approximately $34,000. Nisa Investment Advisors LLC grew its position in Standard BioTools by 433.8% in the 3rd quarter. Nisa Investment Advisors LLC now owns 18,128 shares of the company's stock worth $35,000 after purchasing an additional 14,732 shares during the period. Creative Planning bought a new stake in Standard BioTools in the 3rd quarter worth approximately $39,000. Finally, Algert Global LLC purchased a new stake in Standard BioTools during the 2nd quarter valued at $44,000. 53.74% of the stock is owned by hedge funds and other institutional investors.

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.