Brean Murray Initiates Coverage on Sequenom (SQNM) with a Sell
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Brean Murray initiates coverage on Sequenom (Nasdaq: SQNM) with a Sell. Price target $10.
Brean analyst says, "Our target price is derived by applying a revenue multiple of 7 to our projected 2010 revenue estimate of $86 million. Our main concern is that Sequenom is not likely to sell its SEQureDx laboratory diagnostic test for Down's syndrome (DS) to the extent implied by consensus estimates given the relatively little patient data available, the high rate of unresolved results with its RNA-based test combined with our suspicion that the rate will increase in the broader population, our suspicion surrounding the intellectual property status of the follow-on DNA-based test, what we view as an unimpressive value proposition of the test as compared to competing tests such as amniocentesis, and the CAPEX required for widespread adoption by clinical laboratories."
Sequenom, Inc. is a genetics and molecular diagnostic company providing genetic analysis products and services and developing diagnostic tests initially targeted at non-invasive prenatal genetic disorders.
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SQNM=Loser!
SantaBull on Apr 30, 2009 11:15 AMWish I had read this before I bought.