Illumina, Inc. (NASDAQ:ILMN) announced that Sanjay Chikarmane has been named Senior Vice President and General Manager of Illumina’s Enterprise Informatics business. Chikarmane will lead the development and commercialization of products and services aimed at turning genomic data into actionable information for researchers and clinicians. He will report to Illumina President, Francis deSouza.
“Given the growing data intensive demands of the genomics market, we felt it critical to bring in a group leader dedicated to driving our informatics strategy,” said Francis deSouza, President of Illumina. “Sanjay is an excellent addition to Illumina’s leadership team and will be instrumental in growing our enterprise informatics business, defining our software development processes and service delivery architecture that will be used across all of Illumina.”
Nick Naclerio who led the acquisition of NextBio and served as the founding General Manager of the Enterprise Informatics business unit will return to the full-time role of Senior Vice President of Corporate Development.
Chikarmane joins Illumina with more than 20 years of experience in enterprise software at companies including HP, BEA Systems and most recently, SAP. Through his career, he has held a variety of leadership roles in enterprise software, including general management, go-to-market, product management and product development, during which he has successfully created and scaled several market leading products. While at SAP, Chikarmane oversaw several key products including industry solutions for big data analytics on the HANA platform, cloud business networks, data management and middleware, including their adoption by top customers.
Chikarmane holds a Bachelor of Technology degree in Electrical Engineering from the Indian Institute of Technology (IIT), Bombay, India and a Master of Science in Computer Engineering from Syracuse University. (Original Source)
Following the news, Illumina shares are slightly up to $242.1. ILMN has a 1-year high of $242.37 and a 1-year low of $145.12. The stock’s 50-day moving average is $217.94 and its 200-day moving average is $199.59.
On the ratings front, Illumina has been the subject of a number of recent research reports. In a report issued on July 17, Canaccord Genuity analyst Mark Massaro initiated coverage with a Buy rating on ILMN and a price target of $275, which implies an upside of 14.2% from current levels. Separately, on July 16, BTIG’s Dane Leone maintained a Buy rating on the stock and has a price target of $240.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Mark Massaro and Dane Leone have a total average return of -3.2% and 15.1% respectively. Massaro has a success rate of 50.0% and is ranked #3280 out of 3712 analysts, while Leone has a success rate of 80.0% and is ranked #452.
Illumina Inc providessequencing-and array-based solutions for genetic analysis. Itsproducts enabled researchers to explore DNA, helping them create the first map of gene variations associated with health, disease, and drug response.