Shares of Sequenom (NASDAQ:SQNM) saw unusually-strong trading volume on Wednesday following a better than expected earnings announcement, Stock Ratings Network reports. Approximately 4,534,685 shares changed hands during mid-day trading, an increase of 135% from the previous session’s volume of 1,931,461 shares.The stock last traded at $3.75 and had previously closed at $3.72.
The company reported ($0.07) earnings per share for the quarter, beating the analysts’ consensus estimate of ($0.10) by $0.03. The company had revenue of $39.80 million for the quarter, compared to the consensus estimate of $47.80 million. During the same quarter last year, the company posted ($0.27) earnings per share. Sequenom’s revenue was up 62.4% compared to the same quarter last year.
A number of analysts have recently weighed in on SQNM shares. Analysts at Maxim Group raised their price target on shares of Sequenom from $6.00 to $7.00 in a research note on Wednesday. They now have a “buy” rating on the stock. Separately, analysts at Jefferies Group initiated coverage on shares of Sequenom in a research note on Thursday, July 3rd. They set a “buy” rating and a $5.00 price target on the stock. Finally, analysts at William Blair upgraded shares of Sequenom from a “market perform” rating to an “outperform” rating in a research note on Monday, June 23rd. One analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. Sequenom has an average rating of “Buy” and an average target price of $5.67.
The stock’s 50-day moving average is $3.65 and its 200-day moving average is $2.83. The company’s market cap is $436.5 million.
Sequenom, Inc (NASDAQ:SQNM) is a molecular diagnostic testing and genetics analysis company committed to providing molecular diagnostic testing services, and research use only products, services, applications, and genetic analysis products that translate the results of genomic science into solutions for biomedical research, translational research, molecular medicine applications, and agricultural, livestock, and other areas of research.
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