Standard BioTools (NASDAQ:LAB) Trading Down 5.8% - Here's What Happened

Standard BioTools Inc. (NASDAQ:LAB - Get Free Report)'s share price traded down 5.8% on Tuesday . The company traded as low as $1.94 and last traded at $1.94. 209,491 shares were traded during trading, a decline of 87% from the average session volume of 1,595,948 shares. The stock had previously closed at $2.06.

Analyst Ratings Changes

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

Standard BioTools Stock Down 2.4 %

The company's 50 day simple moving average is $1.86 and its two-hundred day simple moving average is $1.90. The company has a market capitalization of $748.24 million, a price-to-earnings ratio of -2.83 and a beta of 1.57.

Hedge Funds Weigh In On Standard BioTools

Several hedge funds have recently modified their holdings of the stock. Hollow Brook Wealth Management LLC acquired a new position in shares of Standard BioTools in the 3rd quarter valued at about $10,679,000. Charles Schwab Investment Management Inc. increased its stake in Standard BioTools by 188.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,445,083 shares of the company's stock worth $4,719,000 after buying an additional 1,597,728 shares in the last quarter. State Street Corp raised its stake in Standard BioTools by 26.7% in the 3rd quarter. State Street Corp now owns 5,495,136 shares of the company's stock valued at $10,606,000 after purchasing an additional 1,157,984 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in Standard BioTools by 1,019.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 980,983 shares of the company's stock valued at $1,736,000 after purchasing an additional 893,383 shares in the last quarter. Finally, Rhumbline Advisers boosted its stake in Standard BioTools by 3,691.1% during the 2nd quarter. Rhumbline Advisers now owns 407,467 shares of the company's stock worth $721,000 after purchasing an additional 396,719 shares during the last quarter. Institutional investors and hedge funds 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.