Sequenom Scores on Down-Syndrome Tests (SQNM)
Sequenom Inc. (NASDAQ: SQNM) released some data early this morning that is driving shares higher. The genetic analysis solution company announced its progress with a non-invasive technology that detects Down syndrome in a mother’s blood analysis.
The company noted that in blinded studies involving about 200 clinical samples, Sequenom’s proprietary test identified all of the Down syndrome samples and it did so with no false positive readings. Its also plans to start a multi-site validation study of what will ultimately be several thousand samples in Q4-2008 and will then launch the Down-syndrome test as a lab developed test in the U.S. in first-half 2009.
Sequenom will continue developing the test this year and it will then transfer the technology to its laboratory partners.
With an hour to go before the open, shares of Sequenom are trading up about 14% to $8.75. It has also traded around 305,000 shares compared to an average daily volume of about 475,000 shares. Its 52-week trading range is $4.25 to $11.63 and its market cap after this jump on a static basis looks to be close to $398 million.
Jon Ogg
June 4, 2008