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JP Morgan Downgrades Seer to Neutral

NEW YORK – JP Morgan on Wednesday downgraded Seer from an Overweight to a Neutral rating after the company's Q2 revenue fell short of the bank's estimates.

The bank also lowered its price target to $12.00 per share from a previous target of $13.31.

In a note to investors, JP Morgan Analyst Julia Qin said that Q2 revenue from customers other than Seer spinoff PrognomIQ of $2.5 million was lower than the bank had projected and noted that "lengthened sales cycles from COVID and macroeconomic headwinds" presented challenges that will persist into the second half of the year.

"While we remain confident in high-resolution proteomics and encouraged about emerging scientific discoveries from the Proteograph suite, the challenging macro environment and lengthening sales cycles impose incremental risk to execution against the unchanged [full year] guidance," Qin wrote.

In Thursday morning trading on the Nasdaq, Seer's shares were down 12 percent to $11.67.

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