SomaLogic (NASDAQ: SLGC) had its price target cut by Cowen analyst Dan Brennan to $9.00 from $11.00. However, Brennan maintained that the firm outperformed its rating despite the reduction.
On February 4th, 2022, SomaLogic, a pioneer in AI-data-driven proteomics technology, held a virtual event for analysts and investors. The event’s purpose was to introduce attendees to the latest developments in the company, the SomaScan platform, and its many potential applications in life science instruments and clinical diagnostics.
At this event, senior leaders from SomaLogic and their collaborators described projects that showed how proteomics has enormous untapped potential to provide actionable insights that might improve human health. SomaLogic also provided revenue projections for all of the fiscal year 2022.
According to management, revenue is expected to be between $105 and $110 million in 2022. SomaLogic CEO Roy Smythe, M.D., is enthusiastic about the company’s recent and projected sales growth. He said, “Our commercial staff is expanding rapidly, increasing the variety of our unique services for our partners and clients. The future seems very promising for SomaLogic due to these initiatives and the rising demand for proteomics solutions and services.”
Keep in mind that the top end of SomaLogic’s original projection for 2021 sales was $79 million. Thus the company has already declared plans for revenues to surpass that amount in early January. During its March earnings call, SomaLogic was expected to provide its final numbers for the fiscal year and fourth quarter of 2021.
Located in the USA, SomaLogic focuses on the development of protein biomarkers and clinical diagnostics. It creates modified nucleic acid-based protein binding reagents (slow off-rate modified aptamers, or SOMAmers) that are specific for their cognate protein. In addition, it provides multiplex protein detection and quantitation using its SomaScan services.
The SOMAmers/SomaScan technology developed by the firm paves the way for examining protein biomarker signatures in a wide range of biological samples for drug discovery and development. Moreover, the biomarkers discovered by SomaScan are useful in diagnostic applications for various conditions, including cardiovascular and metabolic disorders, nonalcoholic steatohepatitis, and even wellness.
SomaSignal is also available for academic study, as are laboratory-created diagnostics. Drug development, analysis of clinical trials, and novel insights into human biology are just some of the many services it provides to research and clinical clients by evaluating protein-protein and protein-gene networks. The company’s headquarters are in Boulder, Colorado, founded in 1999.
Read More: Price Target for Somalogic (SLGC) Dropped by Cowen to $9