UPDATE: Jefferies Assumes Coverage on Sequenom at Buy on Unappreciated Value

In a report published Friday, Jefferies analyst Brandon Couillard assumed coverage on Sequenom SQNM with a Buy rating, but lowered the price target from $7.50 to $6.00.

In the report, Jefferies noted, “SQNM's flagship MaterniT21 test continues to ramp at a blistering clip, formal reimbursement contracts are building, and its ability to capture payment for tests accessioned is clearly escalating. Our revised target ($6 from $7.50) reflects a more conservative realized ASP expectation for T21 and assumes SQNM captures 45% of the high-risk mkt by 2016. Assuming coverage at Buy.”

Sequenom closed on Thursday at $4.11.