Illumina, Inc. (NASDAQ:ILMN) announced that it, and its wholly owned subsidiary,Verinata Health, Inc. (together “Illumina”), filed a patent infringement suit against Genoma SA in the Federal Patent Court in Switzerland. Illuminais seeking all available remedies, including damages and injunctive relief.
The patents asserted are European Patent (CH) 2 183 693 B1, European Patent (CH) 0 994 963 B2, European Patent (CH) 1 981 995 B1, and European Patent (CH) 2 514 842. The patents are directed to using cell-free fetal DNA for non-invasive prenatal testing (NIPT).
The suit accuses Genoma’s Tranquility® NIPT testing service, including its use of next-generation sequencing to analyze cell-free DNA from a sample of maternal blood. Genoma’s testing facility in Switzerland also services samples collected from its other labs, including those located inSpain and Italy.
“We will continue to monitor activities in the NIPT field and file suits where appropriate to protect our substantial investments in this technology covered by our intellectual property,” said Charles Dadswell, Senior Vice President and General Counsel for Illumina.
The Tranquility NIPT service uses the IONA® Test sold by Premaitha Health plc. Illumina previously filed separate suits against Premaitha in theUnited Kingdom for sale of the IONA Test. (Original Source)
Shares of Illumina closed today at $144.95, up $5.47 or 3.92%. ILMN has a 1-year high of $242.37 and a 1-year low of $130. The stock’s 50-day moving average is $159.26 and its 200-day moving average is $162.11.
On the ratings front, Illumina has been the subject of a number of recent research reports. In a report issued on April 19, Mizuho analyst Eric Criscuolo maintained a Hold rating on ILMN, with a price target of $150, which implies an upside of 7.1% from current levels. Separately, on the same day, Cantor Fitzgerald’s Bryan Brokmeier downgraded the stock to Hold and has a price target of $165.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Eric Criscuolo and Bryan Brokmeier have a total average return of -0.3% and 11.4% respectively. Criscuolo has a success rate of 42.1% and is ranked #2541 out of 3827 analysts, while Brokmeier has a success rate of 59.1% and is ranked #339.
Overall, 8 research analysts have assigned a Hold rating and 5 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 $180.71 which is 29.1% above where the stock opened today.
Illumina, Inc. develops, manufactures and markets integrated systems for the analysis of genetic variation and function. The company provides sequencing and array-based solutions for genetic analysis in addition to selling products, it provide genotyping, NIPT and whole-genome sequencing services.