Sequenom, Inc. (NASDAQ:SQNM), a life sciences company committed to enabling healthier lives through the development of innovative products and services, today announced that it filed a patent infringement lawsuit in Australia. The patent relates to the detection of cell-free fetal DNA for non-invasive prenatal testing (NIPT).
The lawsuit was filed against Sonic Healthcare, Australian Clinical Labs and Ariosa Diagnostics, Inc. in the Australian Federal Court. The suit accuses Sonic Healthcare and Australian Clinical Labs’ use of the Harmony™ NIPT test supplied by Ariosa of infringing Australian Patent 727,919. Sequenom is seeking all available remedies, including damages (or an account of profits) and orders of restraint.
“Sequenom established the NIPT market with the introduction of the MaterniT® 21 laboratory-developed test in 2011 and has developed pioneering intellectual property in the NIPT testing field,” said Dirk van den Boom, Ph.D., President and CEO of Sequenom. “In 2014 we entered into an agreement with Illumina, Inc. to pool our NIPT intellectual property and allow for easier access to both parties’ NIPT technology by healthcare providers and their patients. Currently, over 45 healthcare organizations globally have licensed the intellectual property in order to develop and deliver the highest quality NIPT tests. We are committed to preserving the value of the intellectual property of the patent pool for the benefit of our licensees, and this lawsuit adds to suits already filed in the U.K. and in Europe.” (Original Source)
Shares of Sequenom closed yesterday at $1.10, up $0.13 or 13.40%. SQNM has a 1-year high of $3.47 and a 1-year low of $0.92. The stock’s 50-day moving average is $1.17 and its 200-day moving average is $1.41.
On the ratings front, Sequenom has been the subject of a number of recent research reports. In a report issued on March 3, Ladenburg Thalmann analyst Kevin Degeeter upgraded SQNM to Hold. Separately, on the same day, Piper Jaffray’s William Quirk maintained a Hold rating on the stock and has a price target of $2.10.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Kevin Degeeter and William Quirk have a total average return of 20.7% and -3.0% respectively. Degeeter has a success rate of 59% and is ranked #237 out of 3903 analysts, while Quirk has a success rate of 43% and is ranked #3180.
Sequenom, Inc. provides early patient management information. It develops and commercializes molecular diagnostic testing services that serve women’s health and oncology markets.