Shares of Standard BioTools Inc. (NASDAQ: LAB) are under scrutiny following a consensus recommendation of “Reduce” from five brokerages monitoring the firm. According to a report from MarketBeat, one analyst has issued a sell rating, while four others have assigned a hold rating. The average target price for the next twelve months stands at $1.35, reflecting a cautious outlook from the financial community.
Several brokerages have recently updated their positions on Standard BioTools. Notably, Weiss Ratings reiterated a “sell (D-)” rating in a research note dated October 8, 2023. Following this, TD Cowen adjusted their price objective from $1.55 to $1.35, maintaining a hold rating in their report on November 5, 2023. Meanwhile, Zacks Research elevated the company’s rating to “hold” in a note on December 11, 2023. In contrast, Wall Street Zen downgraded the stock from a hold to a “strong sell” rating on November 8, 2023.
Recent Insider Activity
In related news, Director Casdin Partners Master Fund, L acquired 150,000 shares of Standard BioTools on December 4, 2023, at an average price of $1.45 per share, amounting to a total transaction of $217,500. This purchase increased the director’s holdings to 72,100,000 shares, valued at approximately $104,545,000. The transaction was disclosed in a filing with the Securities & Exchange Commission.
Over the last three months, insiders have purchased a total of 11,225,000 shares, valued at around $14,408,250. Currently, company insiders hold 23.16% of the total shares.
Institutional Investors Adjust Holdings
Recent activity among institutional investors reflects a mixed sentiment towards Standard BioTools. Intech Investment Management LLC increased its stake by 6.1% in the second quarter, now owning 149,018 shares worth $179,000 after adding 8,519 shares. Similarly, BNP Paribas Financial Markets boosted its holdings by 50.3%, acquiring 29,826 shares valued at $36,000.
Other firms, such as Federated Hermes Inc., raised their stake by 103.6% in the third quarter, now holding 28,545 shares worth $37,000. Cerity Partners LLC and Prudential Financial Inc. also increased their positions significantly, reflecting a broader trend of institutional investment in the company. Overall, institutional investors and hedge funds now control 53.74% of Standard BioTools’ shares.
Standard BioTools, formerly known as Fluidigm Corporation, specializes in life sciences tools, focusing on high-parameter, single-cell, and spatial biology solutions. The company’s platforms integrate various technologies, enabling researchers to explore cellular diversity and molecular interactions. Its flagship products include mass cytometry systems and genomic tools that cater to academic institutions and biotechnology firms globally.
As analysts continue to monitor the company’s performance, the future direction of Standard BioTools will hinge on market reactions to these recommendations and insider activities.
