Jefferies downgraded SomaLogic (SLGC) to Hold from Buy with a price target of $2.30, down from $3.50, following the company’s all-stock merger with Standard BioTools (LAB). The analyst likes the strategic rationale and thinks the combination could be the best path to profitability for both companies. In light of the transaction and with SomaLogic shares now tethered to Standard BioTools, the firm downgraded the name.
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Read More on SLGC:
- SomaLogic takeover ‘solid outcome’ for shareholders, says Canaccord
- SomaLogic reaffirms 2023 revenue view $80M-$84M, consensus $81.94M
- Standard BioTools, SomaLogic to combine in all-stock merger
- Cathie Wood’s ARK Investment bought 148K shares of SomaLogic today
- SomaLogic downgraded to Hold at Canaccord on questions about ability to execute