UPDATE 1-Sequenom shares up on HPV screening study results

* Study published by the University of Michigan

* Shares rise as much as 11 pct (Recasts; adds analyst's comments, updates share movement)

BANGALORE, July 14 (Reuters) - Sequenom (SQNM.O) shares rose 11 percent Tuesday, a day after the company said a study showed that its genetic analysis platform detected sexually transmitted human papillomavirus (HPV) in nearly half of women who tested negative by the standard-of-care test.

"This proof of concept study is encouraging, and suggests another potential large commercial opportunity for Sequenom's MassARRAY platform," Rodman & Renshaw analyst Elemer Piros, wrote in a research note on Monday.

The results from the study were published by the University of Michigan, Sequenom said in a statement. [ID:nBNG382861]

However, getting to market with a U.S. Food and Drug Administration-approved HPV test is a lengthy process, Collins Stewart analyst Keay Nakae said, cutting Sequenom's price target to $3 from $6.

"The next step would be to conduct further studies in order to better define a clinically meaningful HPV detection level, as well as to conduct a more significant evaluation of the test in a larger, well-characterized study population, with predefined clinical endpoints," Nakae wrote in a research note on Tuesday.

The analyst, who has a "sell" rating on the stock, said the brokerage would continue to have a negative opinion on the stock until results of an ongoing investigation into the "mishandling" of the company's clinical data for its prenatal test are announced.

In June, the genetic analysis products maker had said the U.S. Securities and Exchange Commission initiated an investigation related to the company's Down Syndrome test SEQureDx. [ID:nBNG505099]

"The data integrity issues remain the key overhang for the stock," Rodman's Piros said.

"The next anticipated milestone for the company is the outcome of the revalidation studies of both RNA and DNA methods for the SEQureDx platform, which is expected in the fourth quarter," added Piros, who has a "market perform" rating on the stock.

Shares of the company were up 7 percent at $3.96 in late morning trade on Nasdaq. They touched a high of $4.11 earlier in the session. (Reporting by Shailesh Kuber in Bangalore; Editing by Aradhana Aravindan)