UPDATE: UBS Downgrades Singular Genomics (OMIC) to Neutral

UBS analyst John Sourbeer downgraded Singular Genomics (NASDAQ: OMIC) from Buy to Neutral with a price target of $4.50 (from $10.00).

The analyst comments "We are downgrading OMIC to Neutral and lowering our PT to $4.50 from $10. OMIC provided a disappointing 2Q update with unexpected delays regarding key electronic components for instruments leading to delays in shipping G4 units to customers. The company now expects to ship 1-2 instruments per month in 4Q and 2-4 instruments per month in 1Q23. As a result we are cutting our 2022 and 2023 shipments by ~75% and 45%, respectively. On the positive OMIC has shipped 1 commercial unit, named EXAS as customer, and successfully ran an early access program. There are several impressive features of the G4 including its speed, flexibility and accuracy and it is our opinion there is still an opportunity to gain share in the short-read NGS market. However, we see a slower ramp over the near-term and we are revising our 2023 EPS estimate by 58%. We note the company has cash on hand to fund operations until 1H25. We recently held a fireside chat with OMIC management and several KOL panels on the NGS landscape at the UBS Genomics 2.0 conference."

For an analyst ratings summary and ratings history on Singular Genomics click here. For more ratings news on Singular Genomics click here.

Shares of Singular Genomics closed at $4.02 yesterday.

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