I need a break from blogging all-things Pfizer . Sequenom to the rescue.
Last night at an investor/analyst meeting tied to a scientific conference and in a press release, Sequenom unveiled more data on its diagnostic test for Down Syndrome. Out of nearly 900 women there were no false negatives, but for the first time SQNM reported one false positive.
It's a simple blood draw rather than amniocentesis, which in rare cases can cause a miscarriage. A woman I work with, who's in her 30s and very pregnant, told me she and her husband anguished over whether to get the procedure. She didn't want it. He did. The husband won. Stressful situations like that could soon become a thing of the past for millions of couples. The risk of having a baby with Down Syndrome goes up with age.
Purists and physicans may look down their noses at the new, updated results until they see them and other data presented at a scientific conference and/or published in a prestigious peer-reviewed medical journal. One or both of those things is supposedly coming and SQNM is testing it on thousands more women. In the meantime, though, Sequenom says it's going to put the test on the market in June of this year. Some say docs will wait to push it until they see the science. But others say women and their partners are going to demand it.
The stock's been white hot over the past year or so and they sold off big time in early trading today, possibly on a headline for a story written by Adam Feuerstein at TheStreet.com that said, "Sequenom Still Very Good, Just No Longer Perfect." It was referring to the one false positive result.
But after CEO Harry Stylli appeared "First on CNBC" on "Squawk on the Street" this morning and called the stock move an overreaction the shares began to trim their losses on pretty heavy volume.