Oppenheimer Comments On Sequenom Following 3Q14 Results
Oppenheimer analyst Bret Jones maintained an Outperform rating on Sequenom (NASDAQ:SQNM) with a price target of $5.00, which represents a potential upside of 67% from where the stock is currently trading.
Jones commented: “Sequenom missed consensus revenue by a wide margin this quarter due to lower than expected MaterniT21 PLUS and cystic fibrosis volumes. Management noted increased competition coming from the displaced vendors at the national labs. Covered lives were slightly up due to increases in commercial coverage. Sequenom continues to make progress on revenue visibility with 29% of revenue now being on an accrual basis, up from 26% in 2Q. Though the quarter’s results were disappointing, October volumes were on a record pace, due to Quest volumes and a rebound in core volumes. We reiterate our Outperform rating and $5 price target.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Bret Jones has a total average return of 0.4% and a 56.5% success rate. Jones is ranked #2194 out of 3363 analysts.