Illumina, Inc. (NASDAQ:ILMN) are having a rough day after the genomics equipment maker revenue reduced its quarterly estimates to $607 million, from a guidance of $625 million to $630 million, and said it expects fourth quarter revenue will be flat to slightly up sequentially. The shortfall in quarterly revenue was driven by a larger than anticipated year-over-year decline in high throughput sequencing instruments.
Illumina shares reacted to the news, tumbling 24% to $140.30 in after-hours trading.
Shares of Illumina opened today at $185.32, down $-0.53 or 0.29%. ILMN has a 1-year high of $196.47 and a 1-year low of $127.10. The stock’s 50-day moving average is $173.15 and its 200-day moving average is $155.31.
On the ratings front, Illumina has been the subject of a number of recent research reports. In a report issued on October 6, Canaccord analyst Mark Massaro reiterated a Hold rating on ILMN, with a price target of $165, which implies a downside of 11% from current levels. Separately, on September 12, Citigroup’s Daniel Arias maintained a Buy rating on the stock and has a price target of $190.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Mark Massaro and Daniel Arias have a total average return of -0.8% and 27.6% respectively. Massaro has a success rate of 46% and is ranked #3199 out of 4183 analysts, while Arias has a success rate of 86% and is ranked #268.
Overall, one research analyst has rated the stock with a Sell rating, 4 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 $174.83 which is -6% under 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. Its customers include leading genomic research centers, academic institutions, government laboratories, hospitals, and reference laboratories as well as pharmaceutical, biotechnology, agrigenomics, commercial molecular diagnostic, and consumer genomics companies.