HomeTop MoversHere is why SomaLogic Inc. (SLGC) stock turnaround in the after-hours on...

Here is why SomaLogic Inc. (SLGC) stock turnaround in the after-hours on Wednesday?

SomaLogic Inc. (SLGC) shares soared 8.32% in after-hours on Wednesday, January 5, 2021, and closed the daily trading at $11.20. However, in the regular trading session on Wednesday, SLGC’s stock lost 9.06%. The stock volume remained 0.83 million shares. SLGC shares have moved down 3.00% in the past week. Over the past three months, the stock has lost 6.26%, while over the past six months, it has declined 14.97%.

Let’s have a brief discussion about its recent news and developments.


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SLGC partnership with Illumina

On January 05, 2022, SomaLogic (SLGC) announced a worldwide strategic collaboration with Illumina. The multi-year partnership agreement will bring together genomics and proteomics technology platforms in a major commercial partnership to better enable and empower proteomics and multi-omics research worldwide.

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Both companies will develop co-exclusive, co-branded, next-generation sequencing (NGS)-based proteomics products by using the power and scale of Illumina’s global commercial infrastructure and SomaLogic’s unique proteomics platform.

SLGC participation in the upcoming event

SomaLogic, Inc.  (SLGC) management will participate in the upcoming 40th Annual J.P. Morgan Healthcare Conference on Tuesday, January 11, 2022, at 11:15 a.m. Eastern Time.

SLGC SomaScan® Assay used in a largest proteomic study

On December 09, 2021, scientists at deCODE genetics, a subsidiary of Amgen, announced that it used SomaLogic’s (SLGC) SomaScan Assay to measure blood proteins in 35,559 Icelanders and mapped them to 27 million genetic sequence variants.

This new study was the largest proteomic study published to date with 170 million protein measurements.

SLGC new appointment

On December 02, 2021, Steve Mermelstein joined SomaLogic (SLGC), as Senior Vice President of Corporate Strategy, Development and Mergers, and Acquisitions (M&A).

Steve has more than 25 years of extensive experience in providing strategic and corporate finance advice to senior management teams and boards of directors.

SLGC latest financial results

On November 15, 2021, SomaLogic, Inc. (SLGC) announced its financial results for the quarter that ended September 30, 2021.

Q3 2021 financial highlights

  • SLGC reported total revenue of $20 million in Q3 2021 compared to $14.2 million in Q3 2020.
  • The gross margin for the three months ended September 30, 2021, was 56% compared to 65% for the corresponding period of 2020.
  • Total operating expenses were $45 million in Q3 2021 compared to $20.13 million in Q3 2020.
  • It suffered a net loss of $41.4 million in the third quarter of 2021, or a loss of $0.55 per share, as compared to a loss of $7.5 million, or $0.12 per share, in the corresponding period of 2020.
  • Adjusted EBITDA was negative $31.8 million in Q3 2021 compared to negative $5.2 million in Q3 2020.
  • The company ended the third quarter with cash, cash equivalents, and short-term investments of $675.7 million.

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Conclusion

The recent partnership announcement with Illumina was the reason behind its turnaround in the after-hours on Wednesday. it can continue its momentum on Thursday as well.

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