Singular Genomics hits record low on weak sequencing system shipments

Singular Genomics Systems

10/08/2022 16:56

** Shares of Singular Genomics Systems Inc  OMIC.O  plunge
as much as 41% to hit record low of $2.64 in morning trade - set
for biggest pct drop on record
    ** Stock top loser on Nasdaq Biotechnology index  .NBI 
    ** Brokerage BofA Global Research downgrades OMIC to
'underperform' from 'buy' and cuts PT to $3 from $6 after co
signals delay in sales ramp up of G4 genome sequencing system
due to supply chain challenges
    ** Co sees only gradual ramp up of shipments to about 2 to 4
systems per month in 2023 from around 1-2 shipments per month in
the rest of this year, says OMIC's finance head Dalen Meeter 
    ** BofA says given highly competitive DNA sequencing market,
it sees much tougher road for co to gain foothold in the space
    ** Another brokerage J.P. Morgan also downgrades OMIC to
'neutral' from 'overweight'
    ** Including session's fall, stock down ~76% YTD

 (Reporting by Raghav Mahobe)
 ((Raghav.Mahobe@thomsonreuters.com;))