Cramer Calls Sequenom (SQNM) a Potential Takeover Target
Jim Cramer recommended shares of Sequenom (Nasdaq: SQNM) on Friday's episode of Mad Money, calling it a potential takeover target.
Cramer believes Sequenom could have "potentially tremendous upside" given a product which is currently in development: a non-invasive test product for chromosomal abnormalities such as Downs Syndrome. Cramer feels the new product could be be "revolutionary" as it will allow parents to test for abnormalities "in just 12 weeks gestation instead of the current 20 weeks." Cramer also points out that the Sequenom product is different than presently available tests as it "captures fetal cells in the mother's blood and carries no risk to mother or child."
The President of Cramerica also likes Sequenom as this new test product will not need pre-market approval from the FDA, making its expected June '09 launch date more likely. Sequenom has estimated that its new test product could see sales of about $1.2 billion a year in the US, with sales of about $3.5 billion worldwide.
Shares of Sequenom are up 1.5% to $20.30 today.
Sequenom Inc., a genetics and molecular diagnostic company, provides genetic analysis products that translate genomic science into solutions for biomedical research, molecular medicine, noninvasive prenatal testing, and livestock and agricultural applications.
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