I first published on Quanterix (QTRX) just a few weeks ago. Please see Quanterix: Illumina of Proteomics for more details. Since that time, the stock has run up quite a bit and has now exceeded my 12-month price target of $41 per share as seen in the chart below. There definitely has been positive news flow, but the magnitude of the stock's reaction is a bit out of proportion. I am still bullish on the stock, but I am re-adjusting my valuation and price target, which translates to just a 10% upside from these levels.

Taking a deeper dive, there were two key pieces of news flow this week that drove this stock appreciation: (a) Quanterix announced a license agreement with Abbot and (b) the company announced a NIH contract for a COVID antigen test.

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