Illumina, Inc. (ILMN) Rating Increased to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Illumina, Inc. (NASDAQ:ILMN) from a hold rating to a buy rating in a report published on Thursday morning. They currently have $195.00 price target on the life sciences company’s stock.
According to Zacks, “Illumina has witnessed robust revenue growth on account of consistent improvement in sequencing consumables and strong demand of microarrays in the last reported quarter. Moreover, several new product launches including VeriSeq NIPT Solution in Europe and launch of NovaSeq are contributing to the growth. Outside the U.S., the rate of NIPT adoption is increasing. The company’s reiterated guidance is encouraging indicating chances of rebound soon. We are also looking forward to GRAIL, Illumina’s venture in the cancer screening market. On the flip side, over the last three months, Illumina has been trading below the broader industry. Also, the company’s last reported first quarter was a mixed bag. While the bottom line was impacted by huge pressure on margins, strong top line growth was encouraging. Yet, tough competition and NIH funding issues continue to act as deterrants.”
A number of other brokerages also recently commented on ILMN. BidaskClub upgraded Illumina from a sell rating to a hold rating in a research report on Saturday, June 24th. Deutsche Bank AG reiterated a hold rating and set a $175.00 price objective (up previously from $165.00) on shares of Illumina in a research report on Saturday, April 29th. Cowen and Company reiterated an outperform rating and set a $200.00 price objective on shares of Illumina in a research report on Wednesday, April 26th. Cantor Fitzgerald increased their price objective on Illumina from $155.00 to $170.00 and gave the company a neutral rating in a research report on Wednesday, April 26th. Finally, Vetr downgraded Illumina from a strong-buy rating to a buy rating and set a $195.67 price objective for the company. in a research report on Tuesday, April 25th. Four investment analysts have rated the stock with a sell rating, eight have given a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of Hold and a consensus price target of $167.02.
Illumina (NASDAQ:ILMN) traded down 0.38% during trading on Thursday, hitting $174.25. The stock had a trading volume of 157,013 shares. Illumina has a 1-year low of $119.37 and a 1-year high of $189.48. The stock has a market cap of $25.44 billion, a PE ratio of 35.27 and a beta of 0.84. The firm’s 50-day moving average price is $174.65 and its 200-day moving average price is $171.62.
In other Illumina news, Director A Blaine Bowman sold 2,300 shares of the stock in a transaction on Wednesday, May 10th. The shares were sold at an average price of $181.61, for a total transaction of $417,703.00. Following the transaction, the director now directly owns 18,004 shares of the company’s stock, valued at $3,269,706.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Charles Dadswell sold 145 shares of the stock in a transaction on Monday, June 5th. The stock was sold at an average price of $184.75, for a total transaction of $26,788.75. Following the transaction, the senior vice president now directly owns 10,791 shares in the company, valued at $1,993,637.25. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 125,248 shares of company stock valued at $22,281,673. 1.60% of the stock is owned by corporate insiders.
A number of institutional investors have recently bought and sold shares of the company. Advocacy Wealth Management Services LLC acquired a new position in Illumina during the first quarter valued at approximately $102,000. Advisory Services Network LLC acquired a new position in Illumina during the first quarter valued at approximately $117,000. Gemmer Asset Management LLC increased its position in Illumina by 5.7% in the first quarter. Gemmer Asset Management LLC now owns 686 shares of the life sciences company’s stock valued at $117,000 after buying an additional 37 shares during the last quarter. Patten Group Inc. increased its position in Illumina by 2.7% in the first quarter. Patten Group Inc. now owns 965 shares of the life sciences company’s stock valued at $166,000 after buying an additional 25 shares during the last quarter. Finally, NN Investment Partners Holdings N.V. increased its position in Illumina by 11.3% in the second quarter. NN Investment Partners Holdings N.V. now owns 985 shares of the life sciences company’s stock valued at $171,000 after buying an additional 100 shares during the last quarter. 93.68% of the stock is currently owned by hedge funds and other institutional investors.
Illumina Company Profile
Illumina, Inc (Illumina) is a provider of sequencing- and array-based solutions for genetic analysis. The Company operates through two segments: Core Illumina and the consolidated variable interest entities (VIEs), which include the activities of GRAIL, Inc (GRAIL) and Helix Holdings I, LLC (Helix). Core Illumina consists of its core operations.
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