Report: SQNM Rumors Were False Print E-mail
By M.E.Garza   
Tuesday, 01 September 2009 07:23

Shares for Sequenom, Inc. (NASDAQ:SQNM) closed +$1.11 higher (+21.02%) at $6.39 after Reuters reported that "There is chatter about possible news regarding favorable results from a medical study that might benefit the company."  But news now indicates that those rumors were, once again false.


Glenn Palomaki, senior research associate at Brown's department of pathology and laboratory medicine, said the rumors are not true.

“I don't know where this rumor comes from, but I guarantee it didn't come from us,” Palomaki told the San Diego Tribune. “We've done no study, and we're not releasing any interim data in the near future.”

Ian Clements, who heads investor relations at Sequenom, said the company's policy is to not comment on market rumors. But he added that he was not aware of any imminent report on its SEQureDx test for Down syndrome. He said that Sequenom is sticking with its estimate that Brown's evaluation of the prenatal test will not be completed until 2010.

Over the past year, Sequenom's stock price has been extremely volatile.

Yesterday morning, rumors began appearing on the Internet that Brown was preparing to release preliminary data that would show that the SEQureDx test was 99 percent effective in identifying Down syndrome. Many investors loaded up on call options, but it looks like there was no fire under all that smoke.

As of the time of this report, shares are down 8% in pre-market trading.

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