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UBS Initiates Coverage of 10X Genomics, PacBio, Akoya Biosciences, NanoString Technologies

NEW YORK – Investment bank UBS on Thursday initiated coverage of 10X Genomics and Pacific Biosciences at a Neutral rating, and of Akoya Biosciences and NanoString Technologies at a Buy rating.

UBS provided a price target of $50 for 10X Genomics, $13 for PacBio, $14 for Akoya, and $15 for NanoString.

In their research note about 10X Genomics, UBS analysts John Sourbeer, Tianqi Hang, and Elizabeth Garcia wrote that "tailwinds from the high-growth spatial multiomics market and [10X's] dominance in the single-cell market are expected to provide support to the growth outlook." However, they noted several possible headwinds for the company, such as the "possible cannibalization" of single-cell platforms by spatial platforms, 10X still catching up in the spatial realm, and macroeconomic pressure related to China, foreign exchange, and inflation.

In a separate note, the analysts wrote that with PacBio’s first multiproduct launch, "execution is key over the near term," noting that the firm is "launching into an increasingly competitive NGS market with lingering macro pressures."

For Akoya, they expect "continued product innovation and partnerships" and "outperformance driven by both positive consensus revenue revisions and multiple expansion as consumable mix increases."

Similarly, for NanoString, the analysts noted that they expect continued share gains with the company’s CosMx spatial imager platform to "lead to improved consumable mix and eventual profitability."

10X executed an initial public offering in 2019, raising $411 million in net proceeds; PacBio went public in 2010, generating $200 million for the company; Akoya became a publicly traded company in 2021 with $153 million in IPO proceeds; and NanoString went public in 2013.

In Thursday afternoon trading on the Nasdaq, shares of 10X Genomics were up 4 percent at $49.55, shares of PacBio were up 3 percent at $11.78, shares of Akoya were up 9 percent at $12.63, and shares of NanoString were up 10 percent at $12.51.