Zacks Investment Research Upgrades Singular Genomics Systems (NASDAQ:OMIC) to “Buy”

Singular Genomics Systems (NASDAQ:OMICGet Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Saturday, Zacks.com reports. The firm presently has a $3.50 price target on the stock. Zacks Investment Research‘s target price indicates a potential upside of 6.06% from the stock’s current price.

According to Zacks, “Singular Genomics Systems Inc. is a life science technology company. It focused on delivering genomic technologies for the advancement of science and medicine. Singular Genomics Systems Inc. is based in LA JOLLA, Calif. “

Separately, The Goldman Sachs Group lowered their price target on Singular Genomics Systems from $17.00 to $11.00 and set a “buy” rating for the company in a research report on Wednesday, April 13th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, Singular Genomics Systems currently has a consensus rating of “Buy” and a consensus target price of $18.10.

OMIC opened at $3.30 on Friday. The stock has a 50-day moving average price of $5.43 and a 200-day moving average price of $8.66. The company has a debt-to-equity ratio of 0.03, a current ratio of 51.57 and a quick ratio of 51.57. The firm has a market cap of $238.22 million and a PE ratio of -1.64. Singular Genomics Systems has a 1 year low of $3.05 and a 1 year high of $33.37.

Singular Genomics Systems (NASDAQ:OMICGet Rating) last posted its quarterly earnings results on Wednesday, March 2nd. The company reported ($0.27) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.35) by $0.08. As a group, sell-side analysts anticipate that Singular Genomics Systems will post -1.52 EPS for the current year.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Royal Bank of Canada bought a new stake in Singular Genomics Systems in the 2nd quarter worth about $30,000. Bank of America Corp DE bought a new stake in shares of Singular Genomics Systems during the 2nd quarter valued at about $48,000. FNY Investment Advisers LLC bought a new stake in shares of Singular Genomics Systems during the 4th quarter valued at about $57,000. Morgan Stanley grew its stake in shares of Singular Genomics Systems by 19,117.2% during the 3rd quarter. Morgan Stanley now owns 5,573 shares of the company’s stock valued at $62,000 after purchasing an additional 5,544 shares during the period. Finally, California State Teachers Retirement System bought a new stake in shares of Singular Genomics Systems during the 3rd quarter valued at about $72,000. Institutional investors own 59.24% of the company’s stock.

About Singular Genomics Systems (Get Rating)

Singular Genomics Systems, Inc, a life science technology company, develops next generation sequencing and multiomics technology to build products for researchers and clinicians to advance science and medicine. The company manufactures G4 Instrument, a benchtop next generation sequencer to produce genetic sequencing results, as well as associated menu of consumable kits.

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Analyst Recommendations for Singular Genomics Systems (NASDAQ:OMIC)

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