SomaLogic downgraded to Hold at Canaccord on questions about ability to execute

Canaccord analyst Kyle Mikson downgraded SomaLogic to Hold from Buy with a price target of $2.50, down from $5. SomaLogic’s SomaScan technology is “one of the leading protein measurement platforms in highplex proteomics,” but the company’s internal dynamics and operational performance have raised questions regarding its ability to consistently execute on its growth strategy, the analyst tells investors. The firm maintains a reduced level of conviction in SomaLogic’s ability to penetrate its market opportunity in the near-term, which leads it to believe the shares “offer limited upside potential in the next 12 months,” the analyst tells investors.