Illumina’s (ILMN) “Outperform” Rating Reiterated at Royal Bank of Canada

Illumina (NASDAQ:ILMN)‘s stock had its “outperform” rating reiterated by investment analysts at Royal Bank of Canada in a research report issued to clients and investors on Wednesday, Benzinga reports. They currently have a $242.00 target price on the life sciences company’s stock. Royal Bank of Canada’s target price points to a potential upside of 96.91% from the stock’s previous close.

ILMN has been the subject of a number of other research reports. Stephens reissued an “overweight” rating and issued a $170.00 price target on shares of Illumina in a research note on Wednesday, July 10th. Evercore ISI decreased their price objective on shares of Illumina from $195.00 to $175.00 and set an “outperform” rating for the company in a report on Tuesday, June 11th. Piper Sandler reduced their target price on shares of Illumina from $200.00 to $195.00 and set an “overweight” rating on the stock in a research report on Tuesday. StockNews.com started coverage on shares of Illumina in a research report on Tuesday. They issued a “buy” rating on the stock. Finally, UBS Group increased their price objective on shares of Illumina from $131.00 to $133.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $151.55.

Illumina Stock Performance

ILMN stock traded up $3.18 during mid-day trading on Wednesday, hitting $122.90. The company had a trading volume of 855,801 shares, compared to its average volume of 2,119,614. The firm has a market cap of $19.58 billion, a PE ratio of -15.08 and a beta of 1.15. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.36 and a current ratio of 1.75. The stock’s fifty day moving average price is $113.76 and its two-hundred day moving average price is $122.63. Illumina has a 12 month low of $89.00 and a 12 month high of $178.44.

Illumina (NASDAQ:ILMN) last posted its earnings results on Tuesday, August 6th. The life sciences company reported $0.36 earnings per share for the quarter, topping the consensus estimate of $0.12 by $0.24. The firm had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.09 billion. Illumina had a negative net margin of 28.71% and a positive return on equity of 2.31%. The company’s revenue was down 5.4% on a year-over-year basis. During the same quarter last year, the company earned $0.32 earnings per share. On average, analysts forecast that Illumina will post 1.5 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. WCM Investment Management LLC boosted its position in shares of Illumina by 2,232.3% during the first quarter. WCM Investment Management LLC now owns 3,377,221 shares of the life sciences company’s stock valued at $463,760,000 after buying an additional 3,232,418 shares during the period. Primecap Management Co. CA boosted its position in shares of Illumina by 462.5% during the second quarter. Primecap Management Co. CA now owns 2,428,760 shares of the life sciences company’s stock valued at $253,514,000 after buying an additional 1,997,010 shares during the period. Capital World Investors purchased a new position in shares of Illumina during the fourth quarter valued at approximately $271,753,000. Norges Bank purchased a new position in shares of Illumina during the fourth quarter valued at approximately $264,636,000. Finally, Coatue Management LLC purchased a new position in shares of Illumina during the fourth quarter valued at approximately $119,285,000. Hedge funds and other institutional investors own 89.42% of the company’s stock.

Illumina Company Profile

Illumina, Inc offers sequencing- and array-based solutions for genetic and genomic analysis in the United States, Singapore, the United Kingdom, and internationally. It operates through Core Illumina and GRAIL segments. The company offers sequencing and array-based instruments and consumables, which include reagents, flow cells, and library preparation; whole-genome sequencing kits, which sequence entire genomes of various size and complexity; and targeted resequencing kits, which sequence exomes, specific genes, and RNA or other genomic regions of interest.