Camber Capital Surges Stake In Sequenom Inc. (SQNM) To Over 5%

Camber Capital Management, managed by Stephen Dubois, is bullish on Sequenom Inc. (NASDAQ:SQNM). In a new filing with the Securities and Exchange Commission, Camber Capital disclosed a 5.41% passive stake in the company, containing 6.30 million shares, up from 2.91 million shares held previously.

Sequenom Inc. (NASDAQ:SQNM) is a life sciences company engaged in improving healthcare through revolutionary genomic and genetic analysis solutions. The company has a market cap of $422.5 million. At the end of last month, the company said it completed the sale of its Bioscience business to Agena Bioscience, a portfolio company of Telegraph Hill Partners. Under the agreement, Sequenom Inc. (NASDAQ:SQNM) will receive $31.8 million, subject to certain adjustments, and may also receive up to $4 million in contingent consideration upon the achievement of certain regulatory and sales milestones, according to a statement.

For the first quarter of 2014, the company posted a net loss of $15.7 million, or $0.13 per share, compared to net loss of $29.4 million, or $0.26 per share, for the same period of 2013. Adjusted net loss for the first quarter was $14.7 million, or $0.13 per share. The company reported revenue of $46.3 million for the first quarter, representing an increase of 20% compared to revenue of $38.5 million for the first quarter of 2013. Revenues from diagnostic services was up 27%, compared to the first quarter of 2013, and 13% on a sequential basis over the fourth quarter of 2013.

On Monday, the company’s stock rose 0.97% to $3.62. It has a 52 week high of $4.90 and a 52 week low of $1.65. The consensus average target price is $4.63 on the stock, while the consensus average recommendation is ‘overweight.’

In addition to Camber Capital, other significant shareholders of Sequenom Inc. (NASDAQ:SQNM) include William Leland Edwards‘ Palo Alto Investors and Youlia Miteva’s Proxima Capital Management, owning 9.79 million shares and 2.21 million shares, respectively.

Disclosure: none