Illumina, Inc. (NASDAQ:ILMN) announced that it has filed two patent infringement suits in Europe. The patents asserted use cell-free fetal DNA for non-invasive prenatal testing (NIPT).
The first suit was filed against The Doctors Laboratory Ltd, TDL Genetics Ltd, and Ariosa Diagnostics, Inc. in the High Court of Justice, Chancery Division in the United Kingdom. The suit accuses The Doctors Laboratory and TDL Genetics’ use of the Harmony™ NIPT test supplied by Ariosa of infringing European Patent 0 994 963.
The second suit was filed against Centrum Badań Sp z o.o. and Medgenetix Sp z o.o. in the Regional Court in Warsaw, Poland. The suit accuses Centrum and Medgenetix’s use of the Iona® NIPT test supplied by Premaitha Health PLC of infringing European Patent 2 183 693.
Illumina is seeking all available remedies, including damages and injunctive relief.
These new lawsuits follow suits previously filed against Ariosa in the United States and Premaitha in the United Kingdom. (Original Source)
Shares of Illumina closed today at $167.72, down $9.84 or -5.54%. ILMN has a 1-year high of $242.37 and a 1-year low of $130. The stock’s 50-day moving average is $181.90 and its 200-day moving average is $188.29.
On the ratings front, Illumina has been the subject of a number of recent research reports. In a report released today, Wells Fargo analyst Tim Evans downgraded ILMN to Hold, with a price target of $175, which represents a slight upside potential from current levels. Separately, on the same day, Deutsche Bank’s Shawn Bevec initiated coverage with a Hold rating on the stock and has a price target of $192.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Tim Evans and Shawn Bevec have a total average return of 36.4% and 4.9% respectively. Evans has a success rate of 88.9% and is ranked #369 out of 3630 analysts, while Bevec has a success rate of 57.1% and is ranked #1578.
Overall, 4 research analysts have assigned a Hold rating and 4 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $175.00 which is 2.4% above where the stock opened today.
Illumina Inc provides sequencing-and array-based solutions for genetic analysis. Its products enabled researchers to explore DNA, helping them create the first map of gene variations associated with health, disease, and drug response.