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Canaccord Initiates Coverage of Olink With Buy Rating

NEW YORK – Canaccord Genuity initiated coverage Wednesday of Olink with a Buy rating and a price target of $28.

In a research note, analyst Kyle Mikson said the company's large protein menu and the "market-leading specificity" and "high dynamic range and sensitivity" of its assays have allowed it to perform well in the proteomics research market and should be applicable to diagnostics, as well.

He highlighted Olink's plan to expand its assay menu from roughly 3,000 to 4,500 protein targets by the end of the year, as well as the fact that it is currently the only high-plex proteomic platform using next-generation sequencing for its readout.

Mikson said that while Olink has reported operating losses in recent quarters, this is due to the use of its IPO proceeds to drive growth, and added that he believes that strong margins in the company's growing kits business will allow it to reach profitability in 2023.

In Wednesday morning trading on Nasdaq, Olink shares were up 6 percent to $24.58.