UPDATE: Credit Suisse Initiates Sequenom at Underperform on Competitive Challenges
Credit Suisse initiated coverage on Sequenom (NASDAQ: SQNM) with an Underperform rating and a $4 price target.
Credit Suisse noted, "While we are excited about the scientific advance and volume potential that noninvasive prenatal genetic tests, including Sequenom's MaterniT21 PLUS, offer, we are concerned that the aggressive competitive dynamics we are already seeing (most notably with pricing) will limit the commercial potential of the test and cause the stock to underperform the rest of our coverage universe over the next 12 months."
Sequenom closed at $3.70 on Monday.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.