UPDATE: J.P. Morgan Initiates NanoString Technologies at Overweight on Ability to Leverage Trends

In a report published Monday, J.P. Morgan analyst Tycho W. Peterson initiated coverage on NanoString Technologies NSTG with an Overweight rating and $14.00 price target.

In the report, J.P. Morgan noted, “We are initiating coverage of NanoString (NSTG) with an Overweight rating and December 2014 DCF-derived price target of $14. As a life science company moving into diagnostics, NSTG can leverage several trends, including a migration from analog to digital multiplex analysis, and the need for new clinically relevant content in areas like breast cancer analysis. With steady growth in the life science business today, and anticipated FDA approval of the ProSigna Breast Cancer assay in 1Q14 (JPMe), we expect the company to outgrow peers, aided by an expanding installed base of nCounter systems, increased consumable pull-through and, ultimately, adoption/acceptance of ProSigna and other follow-on tests.”

NanoString Technologies closed on Friday at $9.44.