Oppenheimer Reiterates Outperform, $42 PT on Cepheid

In a published note, Oppenheimer maintains its Outperform rating and $42 price target on Cepheid (NASDAQ: CPHD) on promising pre-clinical data for its GeneXpert CT/NG exam.

Oppenheimer notes, “Data was unexpected with promising pre-clinical sensitivity and specificity. CPHD's full developmental pipeline should drive substantial menu expansion in the coming years. Moreover GeneXpert competition remains far behind, as BDX has yet to submit an MRSA test for FDA approval on the BD MAX. We believe that CPHD is well positioned for future growth with test menu expansion and a sizeable installed base of instruments.”

CPHD closed down 1.57 percent at $33.26 a share on Wednesday.