NEW YORK, Dec. 10 - UBS Warburg on Monday began research coverage of Luminex with a "buy" rating and a $21 price target, according to the financial firm.
Citing Luminex's strengths and focus on the diagnostic market, UBS said it expects the company to post revenues of $42.6 million and a loss of 35 cents per share for 2002.
Shares of the Austin, Tex.-based bead-array developer climbed 1.39 percent, or 23 cents, to $16.79 in Nasdaq trading early on Monday. The company's 52-week trading range is $11.95 to $36.19.
Luminex is known chiefly for its LabMap technology, which beside genomics and proteomics research is used in pharmaceutical drug discovery, clinical diagnostics, and biomedical research.
In September, the American Society of Histocompatibility and Immunogenetics cleared Orchid Biosciences to perform human leukocyte antigen testing using the LabMap platform. Orchid becomes the first firm to be certified to perform the testing with the LabMap technology.