Cantor Fitzgerald Downgrades Sequenom (SQNM) to Hold

April 30, 2009 9:27 AM EDT

Cantor Fitzgerald downgrades Sequenom (Nasdaq: SQNM) from Buy to Hold. Price target slashed to $4 from $42.

Cantor analyst says, "We have adjusted our valuation using a near-term valuation approach only (rather than the three approaches used previously) to reflect the higher near-term risk resulting from data mishandling requiring a new T21 validation study. We think the near-term development and financial risks are magnified in the current financing climate and therefore assign no near-term value to the molecular diagnostics business to account for the lack of visibility on data mishandling and its impact on product development timing and launch along with the pressure the situation may create on cash reserves including potential legal costs."

Sequenom, Inc. (Sequenom) is a diagnostic testing and genetics analysis company. The Company is focused on providing products, services, diagnostic testing, applications and genetic analysis products that translate the results of genomic science into solutions for biomedical research, translational research, molecular medicine applications, and agricultural, livestock and other areas of research.

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