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Maxim Group Reiterates on Sequenom Following Strong 3Q13 Results

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In a report published Friday, Maxim Group analyst Bryan Brokmeier reiterated a Buy rating and $6.00 price target on Sequenom (NASDAQ: SQNM).

In the report, Maxim Group noted, “We recommend that investors Buy shares of SQNM following the strong 3Q13 results. Volume was strong as sales in New York following the CLEP permit offset the company's service curtailment that saw Medicaid volume reduce to 17% of total volume in September, from 26% of volume in 2Q13. Although ASP was slightly below our model and the reimbursement environment remains challenging, we're increasingly optimistic given that: 1) international is now 10.5% of diagnostic revenue; 2) the company ended the quarter with 90M covered lives (up from 74M at the end of 2Q13); 3) all major national payers are reimbursing the MaterniT21; and 4) the recently announced Enhanced Sequencing Series further differentiates the MaterniT21. Although our recent channel checks indicate that Verinata and Natera are both gaining traction in the market, SQNM and Ariosa continue to be the leaders, and we expect both of them to capture more than 25% of the market within two to three years.”

Sequenom closed on Thursday at $1.70.

Latest Ratings for SQNM

DateFirmActionFromTo
Mar 2016UpgradesSellNeutral
Sep 2015DowngradesBuyHold
Sep 2015DowngradesSell

View More Analyst Ratings for SQNM
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Posted-In: Bryan Brokmeier Maxim GroupAnalyst Color Reiteration Analyst Ratings

 

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