Sequenom, Inc. (NASDAQ:SQNM), a life sciences company committed to enabling healthier lives through the development of innovative products and services, announced that it has entered into agreements with Blue Cross and Blue Shield of Georgia, Inc. (effective 4/11/16), Anthem Blue Cross and Blue Shield Health Plans for Indiana, Kentucky, Missouri, Ohio and Wisconsin (effective 5/15), and Anthem Blue Cross and Blue Shield in Virginia (effective 5/23/16)
The agreements provide in-network coverage for Sequenom Laboratories™’ noninvasive prenatal tests for both high and average-risk pregnancies to Anthem’s members in those states. The Georgia agreement does not include HMO plans, and the Virginia agreement does not include HealthKeepers products.
“Becoming an in-network provider with leading health insurers, particularly for average risk pregnancies, is a critical component of our commercialization plan,” said Dirk van den Boom, Ph.D., President and CEO of Sequenom. “The addition of these seven states to our Anthem Blue Cross and Blue Shield relationship represents meaningful progress in our efforts to bring the benefits of noninvasive prenatal testing to women throughout the United States.” (Original Source)
Shares of Sequenom are up nearly 13% to $1.41 in pre-market trading. SQNM has a 1-year high of $4.80 and a 1-year low of $1.10. The stock’s 50-day moving average is $1.42 and its 200-day moving average is $1.54.
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 21.8% and -5.1% respectively. Degeeter has a success rate of 59.1% and is ranked #179 out of 3838 analysts, while Quirk has a success rate of 34.8% and is ranked #3354.
Sequenom, Inc. provides early patient management information. It develops and commercializes molecular diagnostic testing services that serve women’s health and oncology markets. The company was founded by Hubert Koester and Charles R. Cantor in 1994 and is headquartered in San Diego, CA.