Illumina (NASDAQ:ILMN) Hits New 12-Month Low on Analyst Downgrade

Illumina, Inc. (NASDAQ:ILMN)’s share price reached a new 52-week low during mid-day trading on Wednesday after Royal Bank of Canada lowered their price target on the stock from $128.00 to $112.00. Royal Bank of Canada currently has an outperform rating on the stock. Illumina traded as low as $69.38 and last traded at $70.30, with a volume of 3213335 shares changing hands. The stock had previously closed at $73.45.

ILMN has been the subject of a number of other research reports. TD Cowen lowered Illumina from a “buy” rating to a “hold” rating and lowered their price target for the company from $177.00 to $140.00 in a report on Friday, February 7th. Canaccord Genuity Group dropped their price target on Illumina from $135.00 to $115.00 and set a “hold” rating on the stock in a research report on Tuesday, March 11th. Citigroup cut their price target on Illumina from $90.00 to $85.00 and set a “neutral” rating on the stock in a research note on Monday. HSBC lowered shares of Illumina from a “buy” rating to a “hold” rating and set a $100.00 price objective for the company. in a research note on Friday, February 28th. Finally, Piper Sandler raised their target price on shares of Illumina from $185.00 to $190.00 and gave the company an “overweight” rating in a research report on Monday, February 10th. One analyst has rated the stock with a sell rating, ten have given a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $139.85.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in ILMN. Capital World Investors raised its stake in Illumina by 408.6% in the fourth quarter. Capital World Investors now owns 18,025,301 shares of the life sciences company’s stock valued at $2,408,721,000 after buying an additional 14,481,232 shares during the last quarter. WCM Investment Management LLC increased its holdings in shares of Illumina by 26.6% during the fourth quarter. WCM Investment Management LLC now owns 4,129,855 shares of the life sciences company’s stock valued at $551,625,000 after acquiring an additional 867,673 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Illumina by 0.8% during the fourth quarter. Bank of New York Mellon Corp now owns 3,402,057 shares of the life sciences company’s stock valued at $454,617,000 after acquiring an additional 27,618 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Illumina by 1.8% in the 3rd quarter. Geode Capital Management LLC now owns 2,727,827 shares of the life sciences company’s stock valued at $354,933,000 after purchasing an additional 48,018 shares during the last quarter. Finally, Brown Advisory Inc. boosted its stake in Illumina by 54,220.9% in the 4th quarter. Brown Advisory Inc. now owns 1,912,639 shares of the life sciences company’s stock worth $255,586,000 after purchasing an additional 1,909,118 shares in the last quarter. 89.42% of the stock is currently owned by hedge funds and other institutional investors.

Illumina Stock Performance

The company has a current ratio of 1.77, a quick ratio of 1.42 and a debt-to-equity ratio of 0.63. The company has a market cap of $11.14 billion, a PE ratio of -9.15, a P/E/G ratio of 1.60 and a beta of 1.38. The firm’s 50-day simple moving average is $93.03 and its two-hundred day simple moving average is $123.78.

Illumina (NASDAQ:ILMN) last posted its quarterly earnings data on Thursday, February 6th. The life sciences company reported $0.86 EPS for the quarter, missing the consensus estimate of $0.92 by ($0.06). Illumina had a positive return on equity of 13.37% and a negative net margin of 27.95%. As a group, research analysts anticipate that Illumina, Inc. will post 4.51 earnings per share for the current fiscal year.

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.