Royal Bank of Canada Forecasts Strong Price Appreciation for Illumina (NASDAQ:ILMN) Stock

Illumina (NASDAQ:ILMN) had its price target increased by Royal Bank of Canada from $252.00 to $254.00 in a research note published on Tuesday morning,Benzinga reports. The firm currently has an outperform rating on the life sciences company’s stock.

A number of other research analysts have also recently issued reports on ILMN. Piper Sandler cut their price objective on Illumina from $200.00 to $195.00 and set an “overweight” rating for the company in a report on Tuesday, August 13th. Daiwa Capital Markets upgraded shares of Illumina from a “neutral” rating to a “buy” rating and boosted their price target for the company from $120.00 to $154.00 in a research report on Friday, August 16th. UBS Group raised their price objective on shares of Illumina from $131.00 to $133.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. Leerink Partners lifted their target price on shares of Illumina from $160.00 to $200.00 and gave the company an “outperform” rating in a research note on Thursday, October 17th. Finally, Stephens restated an “overweight” rating and set a $170.00 price target on shares of Illumina in a research report on Wednesday, July 10th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, fourteen have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $162.18.

Illumina Stock Performance

NASDAQ ILMN opened at $155.15 on Tuesday. Illumina has a twelve month low of $89.00 and a twelve month high of $156.66. The company has a quick ratio of 0.86, a current ratio of 1.11 and a debt-to-equity ratio of 1.04. The stock has a market cap of $24.72 billion, a P/E ratio of -15.58 and a beta of 1.13. The company’s 50-day simple moving average is $137.27 and its 200 day simple moving average is $123.12.

Illumina (NASDAQ:ILMN) last released its quarterly earnings data on Monday, November 4th. The life sciences company reported $1.14 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.26. The company had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.08 billion. Illumina had a positive return on equity of 6.36% and a negative net margin of 36.10%. The company’s revenue was down 3.5% compared to the same quarter last year. During the same period in the prior year, the company posted $0.33 EPS. As a group, research analysts forecast that Illumina will post 3.62 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Versant Capital Management Inc grew its stake in shares of Illumina by 292.9% during the second quarter. Versant Capital Management Inc now owns 330 shares of the life sciences company’s stock worth $34,000 after purchasing an additional 246 shares during the period. Industrial Alliance Investment Management Inc. bought a new position in Illumina during the second quarter worth about $34,000. Massmutual Trust Co. FSB ADV increased its stake in shares of Illumina by 65.1% in the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 426 shares of the life sciences company’s stock valued at $56,000 after acquiring an additional 168 shares during the last quarter. Itau Unibanco Holding S.A. bought a new stake in shares of Illumina in the 2nd quarter valued at about $61,000. Finally, Mizuho Securities Co. Ltd. acquired a new stake in shares of Illumina in the 2nd quarter valued at approximately $63,000. Institutional investors and hedge funds 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.