Zacks Investment Research Upgrades SomaLogic (NASDAQ:SLGC) to “Hold”

SomaLogic (NASDAQ:SLGC – Get Rating) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Wednesday, Zacks.com reports.

According to Zacks, “SomaLogic Inc. provides AI-data driven proteomics technology. SomaLogic Inc., formerly known as CM Life Sciences II Inc., is based in NEW YORK. “

Several other equities analysts also recently commented on SLGC. Stifel Nicolaus began coverage on SomaLogic in a research note on Tuesday, February 1st. They issued a “buy” rating and a $12.00 price objective on the stock. Canaccord Genuity Group dropped their price target on SomaLogic from $19.00 to $15.00 in a research report on Friday, May 13th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, SomaLogic has an average rating of “Buy” and an average price target of $16.00.

Shares of NASDAQ:SLGC opened at $6.00 on Wednesday. SomaLogic has a 1 year low of $4.20 and a 1 year high of $14.72. The business has a fifty day moving average price of $6.57 and a two-hundred day moving average price of $8.79.

SomaLogic (NASDAQ:SLGC – Get Rating) last posted its quarterly earnings data on Thursday, May 12th. The company reported ($0.15) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.15). The company had revenue of $22.98 million for the quarter, compared to analysts’ expectations of $23.30 million. On average, equities analysts forecast that SomaLogic will post -0.61 EPS for the current fiscal year.

Hedge funds have recently modified their holdings of the business. Wolverine Asset Management LLC purchased a new stake in shares of SomaLogic during the fourth quarter worth $36,000. Sargent Bickham Lagudis LLC purchased a new stake in SomaLogic during the 1st quarter worth about $34,000. UBS Group AG bought a new position in SomaLogic in the 3rd quarter worth about $58,000. Quantbot Technologies LP grew its holdings in SomaLogic by 24,040.9% during the 1st quarter. Quantbot Technologies LP now owns 5,311 shares of the company’s stock valued at $42,000 after buying an additional 5,289 shares in the last quarter. Finally, Penserra Capital Management LLC bought a new stake in shares of SomaLogic during the fourth quarter valued at about $98,000. 58.65% of the stock is currently owned by institutional investors and hedge funds.

About SomaLogic (Get Rating)

SomaLogic, Inc operates as a protein biomarker discovery and clinical diagnostics company in the United States. It develops slow off-rate modified aptamers (SOMAmers), which are modified nucleic acid-based protein binding reagents that are specific for their cognate protein; and offers proprietary SomaScan services, which provide multiplex protein detection and quantification of protein levels in complex biological samples.

See Also