NEW YORK (GenomeWeb News) – After matching a 52-week high of $23 on Monday before pulling back to close at $22.33 on the Nasdaq, up 6.4 percent for the day, shares of Sequenom hit a new 52-week high on Tuesday morning of $24.50.
The San Diego-based firm’s stock bucked the trend on a dismal Monday for the stock market, which saw the Dow Jones Industrial Average lose 241.81, or 2.1 percent, while the Nasdaq dropped 2 percent. The $23 per share price matched the firm’s 52-week high reached on July 16.
Sequenom’s shares have risen sharply since the firm announced in early June positive results from a clinical study of its Down syndrome test, with no false positives reported in the study. It expects to release the results of a second, larger study of the test later this year.
Some analysts have speculated that the market for such a test is potentially worth more than $2 billion.