Sequenom, Inc. (NASDAQ:SQNM), a life sciences company committed to enabling healthier lives through the development of innovative products and services, today announced that its wholly owned subsidiary, Sequenom Laboratories, will move its laboratory operations in Grand Rapids, Michigan to its facility in Raleigh Durham, North Carolina. Sequenom Laboratories’ cystic fibrosis carrier screen test will now be performed at the North Carolina laboratory location.
“The expansion of our North Carolina laboratory operations to include our HerediT® CF carrier screen test will enable us to continue to provide high quality and meaningful test offerings to physicians and their patients while continuing to build value for our shareholders,” said William Welch, President and Chief Executive Officer of Sequenom.
Sequenom Laboratories will discontinue its SensiGene® Fetal RHD Genotyping test as part of the laboratory consolidation. Test volumes and revenues from the SensiGene Fetal RHD test historically have not been material to the company’s financial results. Sequenom Laboratories will reintroduce this test should medical committees issue guidelines that support broader use and reimbursement of RHD genotyping. Sequenom will provide transition services and outplacement assistance to affected employees. (Original Source)
Shares of Sequenom closed today at $3.48, up $0.01 or 0.29%. SQNM has a 1-year high of $4.80 and a 1-year low of $2.74. The stock’s 50-day moving average is $4.10 and its 200-day moving average is $3.70.
On the ratings front, Sequenom has been the subject of a number of recent research reports. In a report issued on May 8, Oppenheimer analyst Ling Wang reiterated a Buy rating on SQNM. Separately, on May 7, Wedbush’s Zarak Khurshid downgraded the stock to Hold and has a price target of $4.50.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Ling Wang and Zarak Khurshid have a total average return of -5.1% and 2.5% respectively. Wang has a success rate of 30.6% and is ranked #3293 out of 3607 analysts, while Khurshid has a success rate of 66.7% and is ranked #1663.
Sequenom Inc is a molecular diagnostic testing and genetics analysis company which provides molecular diagnostic testing services.