Short Interest in Standard BioTools Inc. (NASDAQ:LAB) Decreases By 24.9%

Standard BioTools Inc. (NASDAQ:LAB) saw a significant decline in short interest in November. As of November 15th, there was short interest totalling 14,680,000 shares, a decline of 24.9% from the October 31st total of 19,540,000 shares. Based on an average daily volume of 1,860,000 shares, the days-to-cover ratio is currently 7.9 days. Currently, 4.1% of the shares of the stock are sold short.

Analysts Set New Price Targets

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

Standard BioTools Stock Performance

Standard BioTools stock traded up $0.02 during mid-day trading on Friday, reaching $1.84. The company’s stock had a trading volume of 485,636 shares, compared to its average volume of 2,447,653. The business’s 50 day simple moving average is $1.85 and its 200 day simple moving average is $2.01. Standard BioTools has a 12 month low of $1.21 and a 12 month high of $3.04. The company has a market capitalization of $684.85 million, a price-to-earnings ratio of -2.57 and a beta of 1.57.

Hedge Funds Weigh In On Standard BioTools

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Arizona State Retirement System lifted its stake in Standard BioTools by 16.6% in the 2nd quarter. Arizona State Retirement System now owns 69,596 shares of the company’s stock valued at $123,000 after purchasing an additional 9,933 shares during the last quarter. XTX Topco Ltd boosted its holdings in shares of Standard BioTools by 38.2% during the second quarter. XTX Topco Ltd now owns 35,965 shares of the company’s stock worth $64,000 after acquiring an additional 9,947 shares during the period. Victory Capital Management Inc. increased its stake in shares of Standard BioTools by 27.3% during the second quarter. Victory Capital Management Inc. now owns 46,967 shares of the company’s stock worth $83,000 after purchasing an additional 10,067 shares during the period. Wolverine Trading LLC bought a new stake in Standard BioTools in the 3rd quarter valued at $27,000. Finally, Nisa Investment Advisors LLC grew its holdings in Standard BioTools by 433.8% in the 3rd quarter. Nisa Investment Advisors LLC now owns 18,128 shares of the company’s stock valued at $35,000 after buying an additional 14,732 shares in the last quarter. 53.74% of the stock is owned by institutional investors.

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.