RBC Capital initiated coverage of Sophia Genetics with an Outperform rating and $8 price target. Sophia Genetics is insulated from headwinds that have pressured the sector, including inventory de-stock, weak biotech funding, and the China slowdown, and should be able to continue to grow more than 30% in the near- and medium-term from expanding NGS diagnostics testing, the analyst tells investors in a research note. Its AI capabilities and vast sequenced patient information can also be utilized to develop more effective targeted therapies in the longer-term, the firm says.
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