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Cowen Initiates Coverage of SomaLogic With Outperform Rating

NEW YORK ─ Investment bank Cowen on Tuesday initiated covered of proteomics company SomaLogic with an Outperform rating and a price target of $18 per share.

In a research note, Cowen analyst Dan Brennan said the bank sees SomaLogic's diagnostic business growing substantially in coming years, potentially comprising 12 percent or more of the firm's revenues by 2026.

Brennan cited among SomaLogic's advantages the fact that it offers the largest protein plex currently available as well as its platform's high-throughput, wide dynamic range, and substantial publication record.

SomaLogic's SomaSignal diagnostics use its aptamer-based affinity reagents called Somamers to measure proteins in patient samples. The company has a pipeline of 100-plus aptamer-based tests, 10 of which are being assessed by customers, Brennan wrote. He added that he sees "several catalysts in the coming year, including cardio event risk data and an update on COVID organ damage test."

Brennan forecast a roughly 33 percent revenue compounded annual growth rate for the company through 2026, "with SomaScan growing 31 percent aided by Dx, distributed offerings, and partnerships."

The Boulder, Colorado-based company went public on the Nasdaq in September after announcing the closing of its previously announced merger with CM Life Sciences II, a special purpose acquisition company.

In early morning trading Tuesday on the Nasdaq, the firm's shares were up less than 1 percent to $12.12.

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