Canaccord Genuity Group Forecasts Strong Price Appreciation for Illumina (NASDAQ:ILMN) Stock

Illumina (NASDAQ:ILMN) had its price target hoisted by equities researchers at Canaccord Genuity Group from $130.00 to $145.00 in a research report issued on Tuesday, Benzinga reports. The brokerage presently has a “hold” rating on the life sciences company’s stock. Canaccord Genuity Group’s price target suggests a potential downside of 4.50% from the company’s previous close.

A number of other analysts also recently commented on ILMN. UBS Group boosted their price target on shares of Illumina from $131.00 to $133.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. Piper Sandler dropped their target price on Illumina from $200.00 to $195.00 and set an “overweight” rating on the stock in a report on Tuesday, August 13th. Stephens reaffirmed an “overweight” rating and set a $170.00 price target on shares of Illumina in a research note on Wednesday, July 10th. HSBC raised Illumina from a “hold” rating to a “buy” rating and set a $180.00 price objective on the stock in a research note on Thursday, October 17th. Finally, JPMorgan Chase & Co. cut their price objective on Illumina from $130.00 to $125.00 and set a “neutral” rating for the company in a report on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, fourteen have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $162.18.

Illumina Stock Down 2.0 %

ILMN stock opened at $151.83 on Tuesday. The stock has a market cap of $24.19 billion, a PE ratio of -15.24 and a beta of 1.13. The firm’s 50-day simple moving average is $137.27 and its 200 day simple moving average is $123.12. Illumina has a fifty-two week low of $89.00 and a fifty-two week high of $156.66. The company has a quick ratio of 0.86, a current ratio of 1.11 and a debt-to-equity ratio of 1.04.

Illumina (NASDAQ:ILMN) last announced its quarterly earnings results on Monday, November 4th. The life sciences company reported $1.14 EPS for the quarter, beating the consensus estimate of $0.88 by $0.26. The company had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.08 billion. Illumina had a negative net margin of 36.10% and a positive return on equity of 6.36%. Illumina’s revenue was down 3.5% compared to the same quarter last year. During the same quarter last year, the business earned $0.33 earnings per share. As a group, sell-side analysts predict that Illumina will post 3.62 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Primecap Management Co. CA grew its holdings in shares of Illumina by 462.5% during the 2nd quarter. Primecap Management Co. CA now owns 2,428,760 shares of the life sciences company’s stock valued at $253,514,000 after acquiring an additional 1,997,010 shares in the last quarter. Millennium Management LLC boosted its position in Illumina by 305.0% during the second quarter. Millennium Management LLC now owns 1,485,599 shares of the life sciences company’s stock valued at $155,067,000 after purchasing an additional 1,118,747 shares during the last quarter. Capital World Investors grew its stake in Illumina by 41.1% in the first quarter. Capital World Investors now owns 2,753,504 shares of the life sciences company’s stock valued at $378,111,000 after purchasing an additional 801,814 shares in the last quarter. Marshall Wace LLP acquired a new position in Illumina in the 2nd quarter worth about $77,628,000. Finally, Swedbank AB acquired a new position in Illumina in the 1st quarter worth about $99,682,000. 89.42% of the stock is owned by hedge funds and other 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.