SVB Securities upgrades Quanterix to Outperform, raises price target to $30

As previously reported, SVB Securities analyst Puneet Souda upgraded Quanterix to Outperform from Market Perform with a price target of $30, up from $25. The firm continues to see strong evidence for its assays redevelopment effort and consecutive 3 quarters of gross margin improvement being a key metric that highlights the turnaround. Further, SVB believes Quanterix’s highly sensitive Simoa platform using pTau-217 antibody and its recently launched blood based LucentAD tests for Alzheimer’s Dx could present upside in 2024 despite the emerging competition in the market. The company also delivered a beat and raise in the quarter, with the firm seeing an attractive setup in 2023/2024 with valuation and 2023 guidance still at conservative levels, with revenue and margin expectations now at $110M-$116M and gross margins in high-40s range, respectively.