UPDATE: Jefferies Upgrades Sequenom to Buy on Reimbursement Coverage Outlook

Jefferies raised its rating on Sequenom SQNM from Hold to Buy with a reiterated $7 price target. Jefferies said, "We are upgrading shares of SQNM to Buy (from Hold) based on results from a proprietary survey we conducted of US commercial payors representing some 44 million lives, which indicated SQNM is experiencing meaningful traction obtaining reimbursement coverage for its T21 LDT test at average rates that we find more than acceptable. Our $7 price target (>90% upside) is unchanged." Sequenom closed at $3.60 on Friday.