Illumina Inc. (ILMN) Stock Price Down 25% on Analyst Downgrade
Illumina Inc. (NASDAQ:ILMN) shares traded down 25% on Tuesday after Canaccord Genuity lowered their price target on the stock from $165.00 to $135.00. Canaccord Genuity currently has a hold rating on the stock. Illumina traded as low as $133.80 and last traded at $138.65, with a volume of 8,260,872 shares trading hands. The stock had previously closed at $184.85.
A number of other research analysts have also recently weighed in on ILMN. Zacks Investment Research upgraded shares of Illumina from a “sell” rating to a “hold” rating in a report on Monday, July 4th. Cantor Fitzgerald reiterated a “hold” rating on shares of Illumina in a report on Wednesday, June 29th. Mizuho boosted their price target on shares of Illumina from $138.00 to $148.00 and gave the stock a “neutral” rating in a report on Wednesday, July 27th. Vetr cut shares of Illumina from a “buy” rating to a “sell” rating and set a $142.96 price target for the company. in a report on Tuesday, July 26th. Finally, Janney Montgomery Scott cut shares of Illumina from a “neutral” rating to a “sell” rating and lowered their price target for the stock from $155.00 to $125.00 in a report on Tuesday. Two research analysts have rated the stock with a sell rating, fifteen have given a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. Illumina has an average rating of “Hold” and a consensus price target of $157.50.
In related news, Director Daniel Bradbury sold 600 shares of the stock in a transaction dated Friday, October 7th. The shares were sold at an average price of $184.36, for a total value of $110,616.00. Following the sale, the director now directly owns 17,065 shares of the company’s stock, valued at approximately $3,146,103.40. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Jay T. Flatley sold 20,000 shares of the stock in a transaction dated Tuesday, August 23rd. The shares were sold at an average price of $172.99, for a total transaction of $3,459,800.00. Following the completion of the sale, the director now directly owns 508,061 shares in the company, valued at $87,889,472.39. The disclosure for this sale can be found here. Insiders own 1.60% of the company’s stock.
A number of large investors have recently modified their holdings of the stock. Temasek Holdings Private Ltd boosted its stake in shares of Illumina by 163.2% in the first quarter. Temasek Holdings Private Ltd now owns 277,261 shares of the life sciences company’s stock worth $44,947,000 after buying an additional 171,900 shares during the last quarter. Douglas Lane & Associates LLC boosted its stake in shares of Illumina by 3.2% in the second quarter. Douglas Lane & Associates LLC now owns 441,993 shares of the life sciences company’s stock worth $62,047,000 after buying an additional 13,639 shares during the last quarter. Legal & General Group Plc boosted its stake in shares of Illumina by 1.4% in the first quarter. Legal & General Group Plc now owns 593,016 shares of the life sciences company’s stock worth $96,134,000 after buying an additional 8,089 shares during the last quarter. Retirement Systems of Alabama boosted its stake in shares of Illumina by 1.6% in the second quarter. Retirement Systems of Alabama now owns 189,245 shares of the life sciences company’s stock worth $26,566,000 after buying an additional 2,934 shares during the last quarter. Finally, IBM Retirement Fund boosted its stake in shares of Illumina by 1.9% in the second quarter. IBM Retirement Fund now owns 19,137 shares of the life sciences company’s stock worth $2,768,000 after buying an additional 364 shares during the last quarter. 95.22% of the stock is currently owned by hedge funds and other institutional investors.
The firm has a market cap of $19.96 billion, a PE ratio of 46.64 and a beta of 0.47. The company’s 50 day moving average price is $172.97 and its 200 day moving average price is $156.29.
Illumina (NASDAQ:ILMN) last posted its earnings results on Tuesday, July 26th. The life sciences company reported $0.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.73 by $0.13. The company had revenue of $600 million for the quarter, compared to analysts’ expectations of $31.91 million. Illumina had a return on equity of 23.69% and a net margin of 18.73%. The firm’s quarterly revenue was up 11.3% compared to the same quarter last year. During the same period last year, the business posted $0.80 earnings per share. Equities analysts anticipate that Illumina Inc. will post $3.53 earnings per share for the current year.
Illumina Company Profile
Illumina, Inc (Illumina) offers sequencing and array-based solutions for genetic analysis. The Company’s products and services serve customers in a range of markets, enabling the adoption of genomic solutions in research and clinical settings. The Company’s customers include genomic research centers, academic institutions, government laboratories and hospitals, as well as pharmaceutical, biotechnology, agrigenomics and commercial molecular diagnostic laboratories, and consumer genomics companies.
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