Illumina, Inc. (NASDAQ:ILMN) announced that the company filed lawsuits againstOxford Nanopore Technologies Ltd. and Oxford Nanopore Technologies, Inc. (ONT). The lawsuits were filed concurrently with the U.S. International Trade Commission and in the U.S. District Court for the Southern District of California. Illumina is seeking all available remedies.
The lawsuits are based on U.S. Patent Nos. 8,673,550 and 9,170,230, which are entitled “MSP NANOPORES AND RELATED METHODS.”Illumina has exclusively licensed the patents in the field of nucleic acid sequencing from the UAB Research Foundation and the University of Washington. The lawsuits focus on ONT’s MinION and PromethION devices.
Illumina has made substantial investments to obtain licenses and develop the nanopore sequencing technology invented by researchers at theUniversity of Alabama at Birmingham and University of Washington. Illumina filed the lawsuits to protect its investment and patent rights in this technology. (Original Source)
Shares of Illumina closed today at $149.94, down $2.99 or -1.96%. ILMN has a 1-year high of $242.37 and a 1-year low of $130. The stock’s 50-day moving average is $159.42 and its 200-day moving average is $173.31.
On the ratings front, Illumina has been the subject of a number of recent research reports. In a report issued on February 4, Canaccord Genuity analyst Mark Massaro downgraded ILMN to Hold, with a price target of $160, which implies an upside of 5.6% from current levels. Separately, on February 3, Piper Jaffray’s William Quirk upgraded the stock to Buy and has a price target of $215.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Mark Massaro and William Quirk have a total average return of -24.1% and -5.2% respectively. Massaro has a success rate of 24.4% and is ranked #3620 out of 3638 analysts, while Quirk has a success rate of 42.5% and is ranked #2943.
Overall, 5 research analysts have assigned a Hold rating and 3 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 $200.00 which is 32.0% 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.