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Monday, May 13
Credit Suisse upgrades Sequenom (SQNM +7.5%) to Neutral and raises its price target to $4.50...
Credit Suisse upgrades Sequenom (SQNM +7.5%) to Neutral and raises its price target to $4.50 from $4, citing decreased risk stemming from the company's five-year agreement with Blue Cross and Blue Shield (see CC) for the MaterniT21 PLUS test. Analyst Vamil Divan notes that "following daily moves in [the stock] can get one dizzy" — today is no exception — but CS sees SQNM running 175K tests in FY13 versus company projections of 150K and says that ultimately, robust volumes are enough to support the story at least for the foreseeable future. (See also: Q1 earnings)