Illumina Inc. (ILMN) Stock Price Down 25% on Analyst Downgrade
Shares of Illumina Inc. (NASDAQ:ILMN) were down 25% on Tuesday after Cantor Fitzgerald lowered their price target on the stock from $165.00 to $155.00. Cantor Fitzgerald 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.
Several other equities analysts have also commented on ILMN. JPMorgan Chase & Co. upped their price target on shares of Illumina from $185.00 to $200.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 27th. Vetr downgraded shares of Illumina from a “buy” rating to a “hold” rating and set a $187.86 price objective for the company. in a research note on Monday. Argus boosted their price objective on shares of Illumina from $175.00 to $185.00 and gave the stock a “buy” rating in a research note on Monday, August 8th. Mizuho boosted their price objective on shares of Illumina from $138.00 to $148.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 27th. Finally, Citigroup Inc. boosted their price objective on shares of Illumina from $175.00 to $190.00 and gave the stock a “buy” rating in a research note on Monday, September 12th. Two research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and nine have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $161.04.
In related news, Director Roy A. Whitfield sold 4,000 shares of the firm’s stock in a transaction that occurred on Friday, August 12th. The shares were sold at an average price of $167.22, for a total transaction of $668,880.00. Following the transaction, the director now owns 6,853 shares of the company’s stock, valued at $1,145,958.66. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Robert S. Epstein sold 1,200 shares of the firm’s stock in a transaction that occurred on Wednesday, July 20th. The shares were sold at an average price of $150.00, for a total transaction of $180,000.00. Following the transaction, the director now directly owns 7,824 shares in the company, valued at approximately $1,173,600. The disclosure for this sale can be found here. 1.60% of the stock is currently owned by insiders.
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A number of institutional investors have recently made changes to their positions in the stock. Glenmede Trust Co. NA increased its position in shares of Illumina by 26.2% in the first quarter. Glenmede Trust Co. NA now owns 3,660 shares of the life sciences company’s stock valued at $593,000 after buying an additional 760 shares during the period. Virginia Retirement System bought a new position in shares of Illumina during the first quarter valued at approximately $385,000. IFP Advisors Inc increased its position in shares of Illumina by 215.6% in the first quarter. IFP Advisors Inc now owns 1,133 shares of the life sciences company’s stock valued at $184,000 after buying an additional 774 shares during the period. Prudential Financial Inc. increased its position in shares of Illumina by 0.7% in the first quarter. Prudential Financial Inc. now owns 179,455 shares of the life sciences company’s stock valued at $29,092,000 after buying an additional 1,300 shares during the period. Finally, NN Investment Partners Holdings N.V. bought a new position in shares of Illumina during the first quarter valued at approximately $403,000. Institutional investors own 95.22% of the company’s stock.
The company’s 50-day moving average is $175.01 and its 200 day moving average is $156.56. The company has a market cap of $20.24 billion, a P/E ratio of 47.29 and a beta of 0.47.
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, topping the Thomson Reuters’ consensus estimate of $0.73 by $0.13. The company earned $600 million during the quarter, compared to analyst estimates of $31.91 million. Illumina had a return on equity of 23.69% and a net margin of 18.73%. The company’s revenue for the quarter was up 11.3% compared to the same quarter last year. During the same period in the previous year, the company earned $0.80 EPS. Analysts forecast that Illumina Inc. will post $3.53 EPS for the current year.
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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