Illumina, Inc. (NASDAQ:ILMN) announced they have entered into an agreement whereby Burning Rock will develop advanced clinical applications for molecular diagnostics in oncology based on Illumina’s next-generation sequencing (NGS) technology. The collaboration highlights the ever-increasing importance of genomics to improve healthcare in China.
In recent years, NGS has evolved rapidly and is widely regarded as an essential technology for enabling precision medicine. The collaboration between Burning Rock and Illumina will focus on providing the most advanced and integrated sequencing solutions to the clinical market by combining Illumina sequencing technology with Burning Rock’s advanced clinical application development capabilities. In particular, the two companies will work together to develop a user-friendly, oncology molecular diagnostic kit for the Chinese market. As part of the agreement, Burning Rock will provide its nucleic acid extraction, library preparation, and data analysis software, while Illumina will provide NGS instrument components and related reagents.
“We have been working to promote the clinical application of genomic technology in China. Oncology molecular diagnosis based on NGS, including non-invasive testing, is being applied in the clinic and we hope to promote it as a standard practice in hospitals. As the leader in oncology molecular diagnosis, Burning Rock is now very pleased to partner with Illumina, the global leader in sequencing and array-based technologies. Cooperation between our two companies will provide additional high-quality molecular diagnostic solutions in the clinical field of oncology,” said Yusheng Han, the Founder and Chief Executive Officer of Burning Rock.
“Illumina is very excited to collaborate with Burning Rock to increase access to oncology diagnosis solutions in China,” said Dr. Rick Klausner, Senior Vice President and Chief Medical Officer of Illumina. “We are committed to partnering with Chinese companies who share our vision of improving human health by unlocking the power of the genome.” (Original Source)
Shares of Illumina closed yesterday at $191.77. ILMN has a 1-year high of $242.37 and a 1-year low of $145.12. The stock’s 50-day moving average is $216.50 and its 200-day moving average is $203.41.
On the ratings front, Illumina has been the subject of a number of recent research reports. In a report issued on August 20, Canaccord Genuity analyst Mark Massaro reiterated a Buy rating on ILMN, with a price target of $250, which implies an upside of 30.4% from current levels. Separately, on August 19, Mizuho’s Peter Lawson maintained a Buy rating on the stock and has a price target of $250.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Mark Massaro and Peter Lawson have a total average return of -12.4% and 5.9% respectively. Massaro has a success rate of 22.6% and is ranked #3674 out of 3730 analysts, while Lawson has a success rate of 49.4% and is ranked #812.
Illumina Inc providessequencing-and array-based solutions for genetic analysis. Itsproducts enabled researchers to explore DNA, helping them create the first map of gene variations associated with health, disease, and drug response.