Quantum-Si to Lay Off 23% of Workforce in Restructuring

Quantum-Si Inc shares tanked over 12.8% Thursday morning.

The company plans to introduce Platinum Pro, an advanced version of its Platinum platform, in the first half of 2025. Platinum Pro will feature a streamlined workflow, reducing hands-on time and speeding up processing.

It will support both local and cloud-based data analysis, and introduce a ‘Pro Mode’ for custom application development, offering a valuable tool for biopharmaceutical clients.

On the other hand, Quantum-Si will launch Proteus in the second half of 2026.

Proteus is expected to offer advanced capabilities, including ultrasensitive detection of proteoforms, unbiased analysis of complex samples, and a new rapid sequencing chemistry that reduces run time to 90 minutes or less.

The company expects Proteus to serve as the foundational platform for scaling sequencing output, progressing from tens of millions of reads per sample at launch to billions over time.

CEO Jeff Hawkins expects Proteus to “open broad new markets for diverse applications in protein analysis, driving increased revenue growth that will create significant value for our shareholders.”

”With these technology advancements and partnerships in place, we believe we will be able to further extend our leadership position in next-generation protein sequencing while also extending into other areas of proteomics more generally.”

To accelerate the development of Proteus and mitigate risks in the hardware platform delivery, Quantum-Si recently announced new partnerships and collaborations.

Yesterday, Quantum-Si announced a collaboration with Nvidia to develop its new proteomics platform.

Also, the company entered into a distribution agreement with Avantor, as per which, Avantor will distribute Quantum-Si’s Next-Generation Protein Sequencing (NGPS) portfolio in the U.S. and Canada, offering researchers across various market segments easier access to these innovative proteomics solutions.

Price Action: Quantum-Si shares are down 12.88% at last check Thursday, trading around $1.21 a share.

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Image via Quantum-Si

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

U.S. stocks traded lower toward the end of trading, with the Dow Jones index falling by more than 100 points on Wednesday.

The Dow traded down 0.27% to 43,153.13 while the NASDAQ fell 0.88% to 18,820.86. The S&P 500 also fell, dropping, 0.63% to 5,879.70.

Check This Out: Jim Cramer Likes Devon Energy, But Calls Another Stock ‘Far Superior‘

Leading and Lagging Sectors

Health care shares rose by 0.7% on Wednesday.

In trading on Wednesday, consumer discretionary shares fell by 1.2%.

Top Headline

The EIA said crude oil inventories in the U.S. increased by 0.545 million barrels in the week ended Nov. 15, compared to market estimates of a 0.4 million gain.

Equities Trading UP

• Quantum-Si incorporated shares shot up 120% to $1.3941 after the company announced a distribution agreement with Avantor for next-generation protein sequencing portfolios for researchers.
• Shares of Williams-Sonoma, Inc. got a boost, surging 28% to $175.78 after the company reported better-than-expected third-quarter financial results.
• Forte Biosciences, Inc. shares were also up, gaining 124% to $12.57 after the company secured $53 million in oversubscribed private placement to advance FB102 clinical programs across autoimmune indications, with key data readouts expected in 2025.

Equities Trading DOWN

• X3 Holdings Co., Ltd. shares dropped 38% to $1.0299. The company announced a 1-for-20 reverse stock split.
• Shares of PainReform Ltd. were down 27% to $1.0299 after the company announced initial topline data for PRF-110 Phase 3 clinical trial.
• Volato Group, Inc. was down, falling 24% to $0.3580. Volato reported $40.3 million in revenue and confirmed NYSE acceptance of compliance plan in third quarter 10-Q.

Commodities

In commodity news, oil traded down 0.4% to $69.10 while gold traded up 0.9% at $2,655.40.

Silver traded down 0.4% to $31.130 on Wednesday, while copper rose 0.3% to $4.1560.

Euro zone

European shares closed lower today. The eurozone's STOXX 600 fell 0.02%, Germany's DAX declined 0.29% and France's CAC 40 fell 0.43%. Spain's IBEX 35 Index rose 0.01%, while London's FTSE 100 fell 0.17%.

Construction output in the Eurozone fell by 1.6% year-over-year in September compared to a 2.5% decline in the previous month. Producer prices in Germany fell by 1.1% year-over-year in October.

UK's producer prices declined by 0.8% year-over-year in October versus a revised 0.6% fall in September. Annual inflation rate in the UK rose to 2.3% in October from 1.7% in September.

Asia Pacific Markets

Asian markets closed mostly higher on Wednesday, with Japan's Nikkei 225 falling 0.16%, Hong Kong's Hang Seng Index gaining 0.21% and China's Shanghai Composite Index gaining 0.66%.

Japan's trade deficit shrank to JPY 461.25 billion in October compared to JPY 702.86 in the year-ago month.

Economics

• Mortgage applications in the U.S. rose 1.7% from the previous week in the week ending Nov. 15, compared to a 0.5% gain in the prior period.
• The EIA said crude oil inventories in the U.S. increased by 0.545 million barrels in the week ended Nov. 15, compared to market estimates of a 0.4 million gain.

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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

U.S. stocks traded lower midway through trading, with the Nasdaq Composite falling by more than 100 points on Wednesday.

The Dow traded down 0.18% to 43,188.94 while the NASDAQ fell 0.71% to 18,853.10. The S&P 500 also fell, dropping, 0.64% to 5,879.40.

Check This Out: Jim Cramer Likes Devon Energy, But Calls Another Stock ‘Far Superior‘

Leading and Lagging Sectors

Energy shares rose by 0.4% on Wednesday.

In trading on Wednesday, consumer discretionary shares fell by 0.9%.

Top Headline

TJX Companies, Inc. reported better-than-expected earnings for its third quarter on Wednesday

The company reported third-quarter earnings per share of $1.14 (+11%), beating the street view of $1.09. Quarterly sales of $14.06 billion (+6%) beat the analyst consensus estimate of $13.95 billion. TJX Companies reported a 3% increase in consolidated comparable store sales at the high end of the company's plan, driven entirely by higher customer transactions.

TJX Companies expects fourth-quarter GAAP EPS to be between $1.12 and $1.14, below the consensus estimate of $1.17. For the fourth quarter, the company continues to expect consolidated comparable store sales to be up 2% to 3%.

For FY25, the company revised its GAAP EPS forecast to $4.15 – $4.17, slightly above the prior guidance of $4.09 – $4.13 and in line with the consensus of $4.16.

Equities Trading UP

• Quantum-Si incorporated shares shot up 120% to $1.3950 after the company announced a distribution agreement with Avantor for next-generation protein sequencing portfolios for researchers.
• Shares of Williams-Sonoma, Inc. got a boost, surging 26% to $173.19 after the company reported better-than-expected third-quarter financial results.
• Forte Biosciences, Inc. shares were also up, gaining 161% to $14.52 after the company secured $53 million in oversubscribed private placement to advance FB102 clinical programs across autoimmune indications, with key data readouts expected in 2025.

Equities Trading DOWN

• X3 Holdings Co., Ltd. shares dropped 33% to $0.0965. The company announced a 1-for-20 reverse stock split.
• Shares of PainReform Ltd. were down 25% to $1.0500 after the company announced initial topline data for PRF-110 Phase 3 clinical trial.
• Volato Group, Inc. was down, falling 23% to $0.3601. Volato reported $40.3 million in revenue and confirmed NYSE acceptance of compliance plan in third quarter 10-Q.

Commodities

In commodity news, oil traded up 0.2% to $69.50 while gold traded up 0.8% at $2,652.10.

Silver traded down 0.1% to $31.245 on Wednesday, while copper rose 0.4% to $4.1590.

Euro zone

European shares were lower today. The eurozone's STOXX 600 fell 0.12%, Germany's DAX declined 0.35% and France's CAC 40 fell 0.40%. Spain's IBEX 35 Index fell 0.27%, while London's FTSE 100 fell 0.27%.

Construction output in the Eurozone fell by 1.6% year-over-year in September compared to a 2.5% decline in the previous month. Producer prices in Germany fell by 1.1% year-over-year in October.

UK's producer prices declined by 0.8% year-over-year in October versus a revised 0.6% fall in September. Annual inflation rate in the UK rose to 2.3% in October from 1.7% in September.

Asia Pacific Markets

Asian markets closed mostly higher on Wednesday, with Japan's Nikkei 225 falling 0.16%, Hong Kong's Hang Seng Index gaining 0.21% and China's Shanghai Composite Index gaining 0.66%.

Japan's trade deficit shrank to JPY 461.25 billion in October compared to JPY 702.86 in the year-ago month.

Economics

Mortgage applications in the U.S. rose 1.7% from the previous week in the week ending Nov. 15, compared to a 0.5% gain in the prior period.

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• Wall Street’s Most Accurate Analysts Spotlight On 3 Financial Stocks With Over 9% Dividend Yields

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

On Wednesday, Quantum-Si Incorporated  stock traded over 100% higher after the protein sequencing company announced a collaboration with NVIDIA Corporation to develop its new proteomics platform, Proteus, and advance Quantum-Si’s core technologies of amino acid binders and aminopeptidases using NVIDIA AI and accelerated computing.

This collaboration aims to significantly enhance data processing speeds to handle the increased data volume from Proteus.

“We are thrilled to collaborate with NVIDIA to make single-molecule proteomics more accessible to researchers,” said John Vieceli, Ph.D., chief product officer of Quantum-Si. We have been leveraging AI protein structure prediction tools with NVIDIA BioNeMo, both in the cloud and on-premises to design new and improved biomolecules.”

Concurrently, Quantum-Si and SkyWaterTechnology will jointly expand their relationship to support the development of Proteus.

The expanded collaboration will develop the consumable for Proteus, enabling simultaneous large-factor protein sequencing.

Quantum-Si and SkyWater began partnering in 2021 on the first-generation Platinum platform and announced the transition to support production in the second quarter of 2024.

SkyWater will continue to supply the consumables for the Platinum Pro product as the two companies expand their engagement to support the commercialization of Proteus.

Quantum-Si also partnered with Planet Innovation to develop and manufacture Proteus.

Currently, Planet Innovation is the contract manufacturer for Quantum-Si’s Platinum Pro instrument, which will debut in the first half of 2025.

On Wednesday, Quantum-Si announced a distribution agreement with Avantor Inc .

Through this collaboration, Avantor will distribute Quantum-Si’s Next-Generation Protein Sequencing (NGPS) portfolio to researchers across all market segments in the U.S. and Canada.

The distribution agreement enables Avantor to offer Quantum-Si’s protein sequencing technology to a broad range of laboratories focused on proteomics.

Quantum-Si’s platform leverages single-molecule sequencing technology, with applications across protein and biomarker identification, antibody characterization, protein barcoding, and post-translational modification analysis to deliver insights into protein structure and function.

Price Action: QSI stock is up 119% at $1.39 during the premarket session at last check Wednesday.

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Photo: Gorodenkoff/Shutterstock.com

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.