Analyst Kyle Mikson CFA of Canaccord Genuity maintained a Hold rating on Quantum-Si (QSI – Research Report), with a price target of $1.50.
Kyle Mikson, CFA, has given his Hold rating for Quantum-Si (QSI) due to a variety of factors that influence the company’s performance and future outlook. QSI’s decision to maintain a controlled launch of its Platinum protein sequencer, which has resulted in lower than expected placements, significantly impacts the rating. The company’s strategic review that led to a decision against launching its Carbon program also affects the outlook. Moreover, it is planning to launch a second version of its kits aiming to enhance sequencing output and workflow robustness in the first quarter of 2024.
Despite the adoption of a more controlled approach to commercialization, the company is expanding its sales funnel to the APAC region and is expecting to fully launch the Platinum instrument in early 2024. While these developments show positive progress, it is noted that the valuation upside may be limited until QSI can demonstrate the utility of its technology and drive higher levels of adoption. Furthermore, Mikson notes that while there is a positive view towards QSI’s progress on its strategic initiatives, the near-term revenue estimates have been significantly decreased due to the company’s decision to maintain its controlled commercial launch. This has led to a decrease in the price target to $1.50 from $2.00.
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Quantum-Si (QSI) Company Description:
HighCape Capital Acquisition Corp is a blank check company.
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