Standard BioTools (NASDAQ:LAB) Shares Gap Up – Still a Buy?

Standard BioTools Inc. (NASDAQ:LAB)’s share price gapped up before the market opened on Monday . The stock had previously closed at $1.63, but opened at $1.85. Standard BioTools shares last traded at $1.73, with a volume of 333,229 shares traded.

Analyst Upgrades and Downgrades

Separately, TD Cowen reduced their price objective on Standard BioTools from $2.75 to $2.50 and set a “buy” rating for the company in a research note on Thursday, October 31st.

Standard BioTools Stock Performance

The stock has a 50-day moving average price of $1.85 and a two-hundred day moving average price of $1.90. The stock has a market capitalization of $748.24 million, a PE ratio of -2.83 and a beta of 1.57.

Hedge Funds Weigh In On Standard BioTools

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

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.