Goldman Sachs is optimistic Quanterix can capitalize on a stronger cost base and advancements in companion diagnostics. The firm upgraded Quanterix stock to buy from neutral on Tuesday, with a $27 per share price target. That equates to more than 40% upside from Monday’s $19.23 close on Monday. The company specializes in digitizing biomarker analysis, which is used to screen for potential disease and sickness in blood tissue or serum. QTRX YTD mountain Quanterix stock YTD Analyst Matthew Sykes highlighted the company’s potential ability to be a leader in diagnostics related to Alzheimer’s, as well as companion diagnostics testing for other conditions including amyotrophic lateral sclerosis (ALS), multiple sclerosis and Huntington’s disease. Sykes also noted Quanterix’s cost base has improved more than the market anticipated. “Simply put, given the large [total addressable market] in Alzheimer’s, the market leading sensitivity of the Simoa platform and the clear advantages of using blood-based tests in neurological drug trial design, we believe QTRX has a significant opportunity for future growth,” Sykes said. “We see QTRX as a pure play on the neurology diagnostics market with a leading, highly sensitive, IP protected technology platform in Simoa,” he added. Quanterix shares have been on fire this year, surging more than 38%. The stock popped another 7% in the premarket Tuesday. — CNBC’s Michael Bloom contributed to this report.
