Illumina (NASDAQ:ILMN) Trading Down 16.1% on Analyst Downgrade

Shares of Illumina, Inc. (NASDAQ:ILMN) traded down 16.1% on Friday after Cowen lowered their price target on the stock from $380.00 to $320.00. Cowen currently has an outperform rating on the stock. Illumina traded as low as $303.92 and last traded at $305.05, 8,474,345 shares were traded during trading. An increase of 742% from the average session volume of 1,006,871 shares. The stock had previously closed at $363.66.

A number of other research analysts have also weighed in on ILMN. OTR Global lowered Illumina to a “positive” rating in a report on Tuesday, April 2nd. Deutsche Bank upped their price objective on Spirit Airlines from $75.00 to $79.00 and gave the stock a “buy” rating in a report on Friday. Zacks Investment Research lowered GasLog Partners LP Unit from a “hold” rating to a “strong sell” rating in a report on Tuesday, April 2nd. BidaskClub upgraded Zumiez from a “sell” rating to a “hold” rating in a research report on Saturday, June 22nd. Finally, Bank of America started coverage on Zai Lab in a research report on Friday. They set a “buy” rating on the stock. One research analyst has rated the stock with a sell rating, two have given a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $341.15.

In related news, Director Jay T. Flatley sold 3,300 shares of the stock in a transaction dated Wednesday, April 24th. The stock was sold at an average price of $321.96, for a total transaction of $1,062,468.00. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Charles Dadswell sold 124 shares of the stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $371.29, for a total value of $46,039.96. The disclosure for this sale can be found here. Insiders have sold 55,991 shares of company stock worth $18,216,784 over the last quarter. 0.38% of the stock is currently owned by company insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ILMN. Colony Group LLC boosted its position in shares of Illumina by 3.3% in the fourth quarter. Colony Group LLC now owns 1,172 shares of the life sciences company’s stock worth $352,000 after buying an additional 37 shares during the period. Massmutual Trust Co. FSB ADV lifted its holdings in Illumina by 83.0% during the 4th quarter. Massmutual Trust Co. FSB ADV now owns 86 shares of the life sciences company’s stock worth $26,000 after buying an additional 39 shares in the last quarter. Sage Capital Advisors llc lifted its holdings in Illumina by 0.7% during the 1st quarter. Sage Capital Advisors llc now owns 5,887 shares of the life sciences company’s stock worth $1,829,000 after buying an additional 40 shares in the last quarter. Sterling Investment Advisors Ltd. lifted its holdings in Illumina by 2.0% during the 1st quarter. Sterling Investment Advisors Ltd. now owns 2,090 shares of the life sciences company’s stock worth $649,000 after buying an additional 40 shares in the last quarter. Finally, LS Investment Advisors LLC lifted its holdings in Illumina by 1.8% during the 1st quarter. LS Investment Advisors LLC now owns 2,502 shares of the life sciences company’s stock worth $777,000 after buying an additional 45 shares in the last quarter. Hedge funds and other institutional investors own 89.69% of the company’s stock.

The stock has a fifty day simple moving average of $344.08. The company has a current ratio of 3.66, a quick ratio of 3.33 and a debt-to-equity ratio of 0.27. The stock has a market capitalization of $44.84 billion, a PE ratio of 53.33, a price-to-earnings-growth ratio of 2.59 and a beta of 1.15.

Illumina (NASDAQ:ILMN) last issued its earnings results on Thursday, April 25th. The life sciences company reported $1.60 EPS for the quarter, beating the consensus estimate of $1.34 by $0.26. The company had revenue of $846.00 million during the quarter, compared to analysts’ expectations of $838.70 million. Illumina had a net margin of 25.06% and a return on equity of 23.49%. The business’s revenue for the quarter was up 8.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.45 EPS. On average, research analysts forecast that Illumina, Inc. will post 6.68 EPS for the current year.

About Illumina (NASDAQ:ILMN)

Illumina, Inc provides sequencing and array-based solutions for genetic analysis. The company operates in two segments, Core Illumina and Consolidated VIEs. It offers sequencing that provides researchers with various applications and the ability to sequence mammalian genomes; and arrays for a range of deoxyribonucleic acid and RNA analysis applications, including single nucleotide polymorphism genotyping, copy number variations analysis, gene expression analysis, and methylation analysis, as well as enables the detection of known genetic markers on a single array.

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