Illumina, Inc. (NASDAQ:ILMN) announced today that the company has filed a new patent infringement suit against Premaitha Health plc in the High Court of Justice, Chancery Division, Patents Court in the United Kingdom. Illumina is seeking all available remedies, including damages and injunctive relief.
The new suit accuses Premaitha’s IONA® Test of infringing European Patent (UK) 1 524 321 B2 titled, “Non-invasive Detection of Fetal Genetic Traits,” which is exclusively licensed to Illumina from Sequenom, Inc.
Illumina and its wholly owned subsidiary, Verinata Health, Inc., previously filed suits in the UK against Premaitha accusing its Iona test of infringing European Patent (UK) 0 994 963 B2, European Patent (UK) 1 981 995 B1, European Patent (UK) 2 183 693 B1, European Patent (UK) 2 385 143 B1 and European Patent (UK) 2 514 842 B1. Those suits remain pending.
Shares of Illumina are currently trading at $206.07, down $1.35 or -0.65%. ILMN has a 1-year high of $209.42 and a 1-year low of $119.37. The stock’s 50-day moving average is $190.34 and its 200-day moving average is $178.19.
On the ratings front, Illumina has been the subject of a number of recent research reports. In a report issued on August 11, Cowen analyst Doug Schenkel reiterated a Buy rating on ILMN, with a price target of $200, which represents a slight downside potential from current levels. Separately, on August 7, Canaccord Genuity’s Mark Massaro 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, Doug Schenkel and Mark Massaro have a yearly average return of 8.5% and 13.6% respectively. Schenkel has a success rate of 70% and is ranked #412 out of 4633 analysts, while Massaro has a success rate of 58% and is ranked #181.
Overall, 3 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 $195.43 which is -5.8% under where the stock closed yesterday.
Illumina develops, manufactures and markets integrated systems for the analysis of genetic variation and function. It provides sequencing and array-based solutions for genetic analysis in addition to selling products, it provide genotyping, NIPT and whole-genome sequencing services. The company 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.