NEW YORK (GenomeWeb News) – Investment bank Jefferies has raised its revenue estimates for Complete Genomics for full-year 2011 and 2012, following the firm's presentation Friday morning at the Future Leaders in Biotech Industry Conference today in New York.
Jefferies analyst Jon Wood also raised his price target on the firm's stock to $15.50 from $13, and retained his "Buy" rating.
Complete Genomics CEO Clifford Reid said at the conference that the firm shipped 600 genomes to customers in the first quarter of 2011 — a 20 percent increase over estimates that it provided in mid-March. He also said that the company plans to open new facilities in Asia in 2013.
Reid also said that Complete Genomics currently has around 40 percent of the research market for whole-genome sequencing, which he estimated at about $50 million. By 2015, he said, that will jump to $900 million.
For 2011, Wood increased his revenue estimate for Complete Genomics to $36 million from an earlier estimate of $35 million. He upped his FY 2012 estimate to $80 million from $75 million.
He wrote that his forecast continues to assume that Complete Genomics will achieve positive gross margin in the second half of this year and operating income break-even in early 2013.
Shares of Complete Genomics jumped 15 percent in Friday trade on the Nasdaq to close at $13.44.
For more on Reid's presentation at the conference see GenomeWeb Daily News sister publication In Sequence.