Royal Bank of Canada Lowers Illumina (NASDAQ:ILMN) Price Target to $128.00

Illumina (NASDAQ:ILMN) had its target price cut by investment analysts at Royal Bank of Canada from $247.00 to $128.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has an “outperform” rating on the life sciences company’s stock. Royal Bank of Canada’s price objective would suggest a potential upside of 52.29% from the company’s current price.

ILMN has been the subject of several other research reports. Morgan Stanley dropped their price objective on Illumina from $150.00 to $136.00 and set an “equal weight” rating for the company in a research note on Tuesday, February 11th. Robert W. Baird lowered their price target on Illumina from $127.00 to $90.00 and set a “neutral” rating on the stock in a research report on Wednesday, March 5th. TD Cowen downgraded Illumina from a “buy” rating to a “hold” rating and lowered their price target for the company from $177.00 to $140.00 in a research report on Friday, February 7th. Piper Sandler raised their price target on Illumina from $185.00 to $190.00 and gave the company an “overweight” rating in a research report on Monday, February 10th. Finally, Hsbc Global Res downgraded Illumina from a “strong-buy” rating to a “hold” rating in a research report on Friday, February 28th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $140.90.

Illumina Price Performance

NASDAQ:ILMN opened at $84.05 on Wednesday. The firm has a market capitalization of $13.31 billion, a price-to-earnings ratio of -10.94, a P/E/G ratio of 1.60 and a beta of 1.17. Illumina has a 52-week low of $80.18 and a 52-week high of $156.66. The stock has a fifty day moving average of $114.52 and a 200 day moving average of $130.20. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.42 and a current ratio of 1.77.

Illumina (NASDAQ:ILMN) last posted its quarterly earnings data on Thursday, February 6th. The life sciences company reported $0.86 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.92 by ($0.06). Illumina had a negative net margin of 27.95% and a positive return on equity of 13.37%. On average, research analysts expect that Illumina will post 4.51 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Golden State Wealth Management LLC purchased a new position in Illumina during the 4th quarter valued at about $32,000. Versant Capital Management Inc increased its holdings in Illumina by 153.7% during the 4th quarter. Versant Capital Management Inc now owns 241 shares of the life sciences company’s stock valued at $32,000 after purchasing an additional 146 shares during the period. Fourth Dimension Wealth LLC purchased a new position in Illumina during the 4th quarter valued at about $40,000. Bank Julius Baer & Co. Ltd Zurich purchased a new position in Illumina during the 4th quarter valued at about $45,000. Finally, Assetmark Inc. increased its holdings in Illumina by 954.8% during the 4th quarter. Assetmark Inc. now owns 327 shares of the life sciences company’s stock valued at $44,000 after purchasing an additional 296 shares during the period. Hedge funds and other institutional investors own 89.42% of the company’s stock.

About Illumina

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.