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Sequenom Shares Jump 8.8 Percent on Positive Research News

NEW YORK, Dec. 2 (GenomeWeb News) - Shares in Sequenom were up 8.8 percent at $.99 in mid-afternoon trading today after the company said that a major US university has used its genotyping technology to identify SNPs in E. coli.

The increase in share price, which was accompanied by heavy trading volume, represents the third straight day of gains for the San Diego-based high-throughput genotyping company. The stock has slid from a high of $4.50 in late January to around a dollar, where it has hovered since around mid-October.

 

If the stock closes below $1 today, it will mark 29 consecutive trading days that the shares have traded below the Nasdaq's minimum benchmark. Failing to trade for that minimum for 30 consecutive trading days would trigger a warning letter from the exchange, which could lead to Sequenom being delisted from the Nasdaq Nationl Market demoted to the Nasdaq SmallCap market.

 

Sequenom in September escaped receiving such a letter from the Nasdaq by a similar one-day margin.

The shares began their current climb in overnight trading yesterday after Sequenom said that the Universityof Californiaat San Diegohad used its flagship MassArray technology to conduct automated, high-throughput mutation-detection studies on E. coli.

The research, led by Bernhard Palsson, professor of bioengineering at UCSD, is published in the December issue of Genome Research.

Charles Cantor, Sequenom CSO, said that the research represents the first time that the company's MassArray platform has been used to conduct high throughput genetic analysis of bacteria, and provides a foundation for the development of large scale comparative sequencing processes using the technology.

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