Market Overview

UPDATE: Piper Jaffray Reiterates Neutral Rating, Raises PT on Sequenom

Share:
Related SQNM
Wedbush Securities Expects In-Line Results For Sequenom
Biotechs Presenting At The J.P. Morgan Healthcare Conference: Day 4
Virgin America Is Out Of Favor - Cramer's Lightning Round (5/4/15) (Seeking Alpha)

In a report published Monday, Piper Jaffray & Co. reiterated its Neutral rating on Sequenom (NASDAQ: SQNM), and slightly raised its price target from $4.50 to $5.00.

Piper Jaffray noted, “Sequenom announced positive preliminary 2012 results, with revenue increasing ~59% year-over-year, implying 4Q12 revenue of ~$33M, favorable to both our $25.5M estimate and consensus of $30.1M. Management described continued momentum in its MaterniT21 business, with more than 60,000 tests accessioned during 2012, topping our 57,000 estimate and translating into ~23,000 tests delivered in 4Q12 (+28% qoq). Additionally, Sequenom announced an annualized MaterniT21 run-rate of over 120,000 tests exiting 2012. We are increasing our 4Q12 and FY13 estimates to reflect the favorable pre-announcement and MaterniT21 test run-rate, but concerns over spending required to gain market share (especially following Illumina's Verinata acquisition) keep us Neutral on SQNM shares. Maintaining our 3.1 EV/Rev multiple yields a $5.00 price target (was $4.50).”

Sequenom closed on Friday at $5.23.

Latest Ratings for SQNM

DateFirmActionFromTo
Jun 2014William BlairUpgradesMarket PerformOutperform
Jan 2014Piper JaffrayDowngradesOverweightNeutral
Nov 2013Maxim GroupReiteratesBuy

View More Analyst Ratings for SQNM
View the Latest Analyst Ratings

Posted-In: Piper Jaffray & Co.Analyst Color Price Target Analyst Ratings

 

Related Articles (SQNM)

Around the Web, We're Loving...

Get Benzinga's Newsletters