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.
ILMN has been the subject of several other research reports. Citigroup Inc. lifted their price target on shares of Illumina from $175.00 to $190.00 and gave the company a “buy” rating in a research note on Monday, September 12th. Canaccord Genuity set a $136.00 price objective on shares of Illumina and gave the stock a “hold” rating in a research note on Friday. Vetr raised shares of Illumina from a “sell” rating to a “buy” rating and set a $198.61 price objective for the company in a research note on Monday, October 3rd. CL King downgraded shares of Illumina from a “buy” rating to a “neutral” rating in a research note on Monday, August 22nd. Finally, Morgan Stanley downgraded shares of Illumina from an “equal weight” rating to an “underweight” rating and reduced their price objective for the stock from $130.00 to $110.00 in a research note on Tuesday, July 5th. Two 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 stock has an average rating of “Hold” and an average target price of $161.04.
In related news, Director Jay T. Flatley sold 20,000 shares of the company’s 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 transaction, the director now owns 508,061 shares in the company, valued at approximately $87,889,472.39. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Robert S. Epstein sold 1,200 shares of the company’s stock in a transaction dated Wednesday, July 20th. The stock was sold at an average price of $150.00, for a total transaction of $180,000.00. Following the transaction, the director now owns 7,824 shares of the company’s stock, valued at approximately $1,173,600. The disclosure for this sale can be found here. 1.60% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Checchi Capital Advisers LLC increased its position in Illumina by 2.4% in the second quarter. Checchi Capital Advisers LLC now owns 958 shares of the life sciences company’s stock valued at $134,000 after buying an additional 22 shares during the period. Cleararc Capital Inc. increased its position in Illumina by 0.7% in the first quarter. Cleararc Capital Inc. now owns 3,344 shares of the life sciences company’s stock valued at $542,000 after buying an additional 23 shares during the period. Mn Services Vermogensbeheer B.V. increased its position in Illumina by 1.1% in the second quarter. Mn Services Vermogensbeheer B.V. now owns 3,698 shares of the life sciences company’s stock valued at $467,000 after buying an additional 39 shares during the period. Nippon Life Insurance Co. increased its position in Illumina by 0.5% in the second quarter. Nippon Life Insurance Co. now owns 7,877 shares of the life sciences company’s stock valued at $1,106,000 after buying an additional 40 shares during the period. Finally, Regent Investment Management LLC increased its position in Illumina by 1.8% in the second quarter. Regent Investment Management LLC now owns 4,250 shares of the life sciences company’s stock valued at $597,000 after buying an additional 75 shares during the period. Hedge funds and other institutional investors own 95.22% of the company’s stock.
The company has a market capitalization of $20.24 billion, a PE ratio of 47.29 and a beta of 0.47. The firm has a 50-day moving average of $175.01 and a 200-day moving average of $156.56.
Illumina (NASDAQ:ILMN) last issued its quarterly earnings data 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. Illumina had a net margin of 18.73% and a return on equity of 23.69%. The company had revenue of $600 million for the quarter, compared to the consensus estimate of $31.91 million. During the same period last year, the firm posted $0.80 EPS. Illumina’s revenue for the quarter was up 11.3% on a year-over-year basis. Analysts forecast that Illumina Inc. will post $3.53 earnings per share 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.
Receive News & Stock Ratings for Illumina Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Illumina Inc. and related stocks with our FREE daily email newsletter.