SomaLogic (NASDAQ:SLGC) Price Target Cut to $9.00 by Analysts at Cowen

SomaLogic (NASDAQ:SLGCGet Rating) had its target price cut by Cowen from $11.00 to $9.00 in a note issued to investors on Tuesday, Stock Target Advisor reports. Cowen’s target price indicates a potential upside of 117.92% from the company’s current price.

Several other research analysts also recently commented on SLGC. Cowen dropped their price objective on shares of SomaLogic from $11.00 to $9.00 in a report on Tuesday. Canaccord Genuity Group decreased their target price on shares of SomaLogic from $19.00 to $15.00 in a research report on Friday, May 13th. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $13.33.

SomaLogic Price Performance

SLGC opened at $4.13 on Tuesday. The firm has a 50-day simple moving average of $4.90 and a two-hundred day simple moving average of $6.54. SomaLogic has a 52 week low of $3.92 and a 52 week high of $14.72.

Institutional Trading of SomaLogic

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. ARK Investment Management LLC raised its position in SomaLogic by 17.6% in the 1st quarter. ARK Investment Management LLC now owns 10,390,335 shares of the company’s stock worth $83,330,000 after purchasing an additional 1,558,516 shares during the period. Vanguard Group Inc. grew its stake in SomaLogic by 158.1% in the 1st quarter. Vanguard Group Inc. now owns 6,473,890 shares of the company’s stock worth $51,921,000 after acquiring an additional 3,965,138 shares in the last quarter. Redmile Group LLC grew its stake in SomaLogic by 4.3% in the 4th quarter. Redmile Group LLC now owns 4,142,770 shares of the company’s stock worth $48,222,000 after acquiring an additional 170,500 shares in the last quarter. Millennium Management LLC boosted its stake in shares of SomaLogic by 56.2% during the fourth quarter. Millennium Management LLC now owns 3,798,110 shares of the company’s stock valued at $44,210,000 after purchasing an additional 1,366,465 shares in the last quarter. Finally, Point72 Asset Management L.P. boosted its stake in shares of SomaLogic by 190.2% during the fourth quarter. Point72 Asset Management L.P. now owns 3,720,666 shares of the company’s stock valued at $43,309,000 after purchasing an additional 2,438,734 shares in the last quarter. 58.65% of the stock is owned by hedge funds and other institutional investors.

About SomaLogic

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SomaLogic, Inc operates as a protein biomarker discovery and clinical diagnostics company in the United States. It develops slow off-rate modified aptamers (SOMAmers), which are modified nucleic acid-based protein binding reagents that are specific for their cognate protein; and offers proprietary SomaScan services, which provide multiplex protein detection and quantification of protein levels in complex biological samples.

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