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Quanterix Corporation (NASDAQ:QTRX) added ~10% on Tuesday to reach the highest level in more than a year after Goldman Sachs upgraded it, citing its opportunity in the diagnostics market for neurological conditions such as Alzheimer’s.
According to the analyst Matthew Sykes, QTRX, based in Billerica, Massachusetts, has a crucial role in the early stages of the blood-based diagnostics opportunity in Alzheimer’s.
The company can also take early leadership in the diagnostics market for other neurological conditions such as amyotrophic lateral sclerosis, Sykes added, upgrading the stock to Buy from Neutral.
“We believe there is additional discovery value in QTRX as the market recognizes the extent to which the cost base has improved resulting in potentially greater operating leverage than the market assumes,” the analyst wrote. Sykes also raised his price target on the stock to $27 from $13 per share.
The upgrade comes days after Quanterix (QTRX) exceeded Street forecasts with its Q1 2023 financials indicating ~60% gross margin compared to ~49% in the prior-year period. The company projects its full-year revenue to reach $104M – $111M and GAAP gross margin percentage to approach mid-40s.
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Quanterix beats Street revenue forecasts with Q4 2022 results
