Sequenom pledges early test for Down syndrome; shares up
February 25th, 2008From Forbes:
San Diego-based Sequenom saw its share price rise sharply after the company forecast a strong rise in 2008 revenue and announced plans to launch a noninvasive genetic test for Down syndrome in the first half of 2009. Shares rose 27 cents, or 3.6 percent, to $7.96 in midday trading.
Oppenheimer & Co. analyst Kevin DeGeeter said in a note to investors Thursday that the proposed launch date beat his prior estimate for the second half of 2009. He kept the shares at “Outperform” with a price target of $15.
“Our upbeat outlook for Sequenom is based on the potential launch of new high-margin diagnostics supporting sustained profitability by the second half of 2009,” DeGeeter said.
In addition, several analysts expressed enthusiasm over the company’s plan to increase investment in its prenatal diagnostics research and genetic analysis business.
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