Illumina (NASDAQ:ILMN) Price Target Cut to $176.00

Illumina (NASDAQ:ILMN) had its price target dropped by equities researchers at Scotiabank from $185.00 to $176.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage presently has a “sector outperform” rating on the life sciences company’s stock. Scotiabank’s target price would indicate a potential upside of 56.00% from the company’s previous close.

Other research analysts have also issued reports about the stock. Stephens reaffirmed an “overweight” rating and issued a $170.00 price objective on shares of Illumina in a research note on Wednesday, April 10th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $253.00 price objective on shares of Illumina in a research note on Tuesday, April 9th. OTR Global reaffirmed a “mixed” rating on shares of Illumina in a research note on Wednesday, March 20th. Robert W. Baird raised their price objective on shares of Illumina from $125.00 to $128.00 and gave the company a “neutral” rating in a research note on Friday, May 3rd. Finally, HSBC lowered shares of Illumina from a “buy” rating to a “hold” rating in a research note on Tuesday, January 16th. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $164.65.

Illumina Stock Down 5.2 %

Shares of NASDAQ ILMN opened at $112.82 on Monday. The firm has a market cap of $17.97 billion, a PE ratio of -13.84 and a beta of 1.20. Illumina has a 12-month low of $89.00 and a 12-month high of $213.91. The company’s fifty day simple moving average is $129.13 and its 200 day simple moving average is $126.95. The company has a quick ratio of 1.36, a current ratio of 1.75 and a debt-to-equity ratio of 0.26.

Illumina (NASDAQ:ILMN) last issued its earnings results on Thursday, May 2nd. The life sciences company reported $0.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.04 by $0.05. The business had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.05 billion. Illumina had a negative net margin of 28.71% and a positive return on equity of 2.31%. Illumina’s revenue was down 1.0% on a year-over-year basis. During the same period in the prior year, the firm earned $0.08 earnings per share. As a group, sell-side analysts forecast that Illumina will post 0.91 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Jacob Thaysen acquired 7,330 shares of the firm’s stock in a transaction that occurred on Thursday, February 22nd. The stock was acquired at an average price of $135.29 per share, for a total transaction of $991,675.70. Following the completion of the acquisition, the chief executive officer now owns 14,861 shares of the company’s stock, valued at approximately $2,010,544.69. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.17% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Illumina

A number of large investors have recently made changes to their positions in ILMN. Cambridge Investment Research Advisors Inc. lifted its holdings in Illumina by 43.9% during the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 7,398 shares of the life sciences company’s stock worth $1,016,000 after purchasing an additional 2,258 shares in the last quarter. Stratos Wealth Partners LTD. boosted its position in shares of Illumina by 8.4% in the third quarter. Stratos Wealth Partners LTD. now owns 5,275 shares of the life sciences company’s stock valued at $724,000 after acquiring an additional 410 shares during the period. Independent Advisor Alliance grew its stake in Illumina by 8.6% during the third quarter. Independent Advisor Alliance now owns 1,595 shares of the life sciences company’s stock valued at $219,000 after acquiring an additional 126 shares in the last quarter. Brown Advisory Inc. increased its holdings in Illumina by 4.4% during the 3rd quarter. Brown Advisory Inc. now owns 4,140 shares of the life sciences company’s stock worth $568,000 after acquiring an additional 176 shares during the period. Finally, Verdence Capital Advisors LLC lifted its stake in Illumina by 9.3% in the 3rd quarter. Verdence Capital Advisors LLC now owns 2,945 shares of the life sciences company’s stock worth $404,000 after purchasing an additional 250 shares in the last quarter. 89.42% of the stock is owned by institutional investors.

About Illumina

Illumina, Inc offers sequencing- and array-based solutions for genetic and genomic analysis in the United States, Singapore, the United Kingdom, and internationally. It operates through Core Illumina and GRAIL segments. The company offers sequencing and array-based instruments and consumables, which include reagents, flow cells, and library preparation; whole-genome sequencing kits, which sequence entire genomes of various size and complexity; and targeted resequencing kits, which sequence exomes, specific genes, and RNA or other genomic regions of interest.