Oppenheimer Reiterates Outperform on Sequenom

Oppenheimer is out with its report today on Sequenom SQNM, reiterating Outperform. In a note to clients, Oppenheimer writes, "Today SQNM announced a three-year supply agreement with ILMN ILMN. Under the terms of the arrangement, SQNM will purchase ILMN sequencing technologies (HiSeq 2000 and related consumables) for the development and commercialization of its noninvasive trisomy 21 test. We remain excited about the >$1B market potential for the T21 test, as it has the potential to supplant more invasive and dangerous diagnostics. We reiterate our Outperform rating and $9 price target." At the time of posting, shares of SQNM were trading pre-market at $7.66, up 1.06% from Monday's close.