Standard BioTools (NASDAQ:LAB) Posts Quarterly Earnings Results, Beats Estimates By $0.05 EPS

Standard BioTools (NASDAQ:LAB) posted its quarterly earnings results on Wednesday. The company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.11) by $0.05, reports. The firm had revenue of $44.97 million for the quarter, compared to analyst estimates of $42.00 million. Standard BioTools had a negative net margin of 79.92% and a negative return on equity of 30.85%. Standard BioTools updated its FY 2024 guidance to EPS.

Standard BioTools Price Performance

Shares of NASDAQ:LAB opened at $2.03 on Friday. The company’s fifty day moving average is $1.93 and its two-hundred day moving average is $2.10. Standard BioTools has a 12-month low of $1.21 and a 12-month high of $3.04.

Insider Activity

In other Standard BioTools news, Director Casdin Partners Master Fund, L bought 200,000 shares of the company’s stock in a transaction dated Monday, August 5th. The shares were bought at an average price of $1.58 per share, for a total transaction of $316,000.00. Following the acquisition, the director now directly owns 47,930,821 shares of the company’s stock, valued at approximately $75,730,697.18. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Over the last quarter, insiders have acquired 4,117,508 shares of company stock worth $7,032,080. 53.10% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Standard BioTools

A number of institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in shares of Standard BioTools by 215.3% during the 1st quarter. Vanguard Group Inc. now owns 13,034,043 shares of the company’s stock worth $35,322,000 after purchasing an additional 8,900,104 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its stake in Standard BioTools by 20.2% in 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 last quarter. Nikko Asset Management Americas Inc. bought a new stake in Standard BioTools in the first quarter worth approximately $23,993,000. Nan Fung Group Holdings Ltd bought a new stake in Standard BioTools in the first quarter worth approximately $5,103,000. Finally, Magnetar Financial LLC acquired a new position in shares of Standard BioTools during the 1st quarter worth $4,107,000. Institutional investors and hedge funds own 53.74% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, TD Cowen decreased their target price on shares of Standard BioTools from $2.75 to $2.50 and set a “buy” rating for the company in a report on Thursday.

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.