Sequenom, Inc. (NASDAQ:SQNM), a life sciences company committed to enabling healthier lives through the development of innovative products and services, announced today that the Supreme Court of the United States denied its petition to review decisions by lower Federal courts that the claims of Sequenom’s U.S. Patent No. 6,258,540 (“‘540 Patent”) are not patent eligible under the patent eligibility criteria established by the Supreme Court’s Mayo Collaborative Services v. Prometheus Laboratories decision. In the petition, Sequenom urged the Court to hear the case because the Court is uniquely suited to reconcile and interpret the patent eligibility criteria established in its Mayo decision. Sequenom will pursue no further appeal opportunities for review of the ‘540 Patent.
“We are disappointed that the Supreme Court denied our petition and will not review the patent eligibility of the groundbreaking techniques embodied in the ‘540 Patent,” said Dirk van den Boom, Ph.D., President and CEO of Sequenom. “We believe that the Supreme Court missed an ideal opportunity to clarify patent eligibility criteria not only to protect the significant investments made by Sequenom but also by other innovative organizations to advance the standard of patient care and treatment. We fear this decision will discourage such investments in the future.”
As previously stated, as a practical matter, Sequenom believes that the ruling has little business impact as it has been operating under the District Court’s invalidity ruling since October, 2013 and due to the pooling arrangement of NIPT intellectual property entered into with Illumina, Inc. in December, 2014. In addition, valid and enforceable patents with claims equivalent to those of the ‘540 Patent are issued in Europe, Japan, Hong Kong, Canada and Australia. (Original Source)
As of this writing, shares of Sequenom are down nearly 11% to $1.01. SQNM has a 1-year high of $3.31 and a 1-year low of $0.92. The stock’s 50-day moving average is $1.08 and its 200-day moving average is $1.37.
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 18.8% and -4.1% respectively. Degeeter has a success rate of 54.5% and is ranked #226 out of 3980 analysts, while Quirk has a success rate of 37.5% and is ranked #3260.
Sequenom, Inc. engages in the provision of early patient management information. It develops and commercializes molecular diagnostic testing services that serve womens health and oncology markets.