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KeyBanc starts Standard BioTools at buy, cites management team

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Medical Science Laboratory with Diverse Multi-Ethnic Team of Biotechnology Scientists Developing Drugs, Microbiologist Working on Computer with Display Showing Gene Editing Interface.

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KeyBanc has initiated coverage of medtech Standard BioTools (NASDAQ:LAB) with an overweight rating, citing the company’s growth potential and “pedigreed” leadership team.

The investment bank said that Standard BioTools offers investors an “attractively valued way” to invest in spatial biology, which is being increasingly used in drug discovery and diagnostics development. Keybanc said it sees drug discovery market growth being able to support long-term growth in the mid-to-upper teens.

Keybanc also had praise for the company’s management team, which it said was “a group of leaders with profound experience in technology, acquisitions and investing.”

Standard BioTools CEO Mike Egholm is the former CTO of Danaher’s life sciences group, while COO Alex Kim was with previously with Pall. Board members include former senior executives of Pall and Affymetrix. Early backers of the company include Viking and Casdin Capital.

“We expect the team can execute on cost reductions, growth and consolidation in the industry,” Keybanc added.

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