Illumina (NASDAQ:ILMN) Shares Gap Down - Here's What Happened

Shares of Illumina, Inc. (NASDAQ:ILMN - Get Free Report) gapped down before the market opened on Thursday . The stock had previously closed at $73.53, but opened at $71.17. Illumina shares last traded at $71.51, with a volume of 220,094 shares traded.

Analyst Ratings Changes

A number of brokerages recently weighed in on ILMN. Morgan Stanley cut their price objective on shares of Illumina from $150.00 to $136.00 and set an "equal weight" rating on the stock in a research note on Tuesday, February 11th. Robert W. Baird reduced their price objective on shares of Illumina from $127.00 to $90.00 and set a "neutral" rating for the company in a research note on Wednesday, March 5th. TD Cowen cut Illumina from a "buy" rating to a "hold" rating and decreased their target price for the stock from $177.00 to $140.00 in a research report on Friday, February 7th. HSBC downgraded shares of Illumina from a "buy" rating to a "hold" rating and set a $100.00 price objective on the stock. in a research report on Friday, February 28th. Finally, Canaccord Genuity Group reduced their price target on Illumina from $135.00 to $115.00 and set a "hold" rating for the company in a report on Tuesday, March 11th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, ten have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, Illumina has an average rating of "Moderate Buy" and a consensus price target of $138.70.

Illumina Price Performance

The stock has a market cap of $11.77 billion, a price-to-earnings ratio of -9.68, a P/E/G ratio of 1.60 and a beta of 1.38. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.77 and a quick ratio of 1.42. The stock's 50 day simple moving average is $83.98 and its two-hundred day simple moving average is $119.68.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Capital World Investors boosted its stake in Illumina by 408.6% in the fourth quarter. Capital World Investors now owns 18,025,301 shares of the life sciences company's stock worth $2,408,721,000 after purchasing an additional 14,481,232 shares in the last quarter. Brown Advisory Inc. lifted its position in Illumina by 54,220.9% during the 4th quarter. Brown Advisory Inc. now owns 1,912,639 shares of the life sciences company's stock worth $255,586,000 after buying an additional 1,909,118 shares in the last quarter. Norges Bank acquired a new stake in Illumina in the 4th quarter valued at about $228,714,000. Bessemer Group Inc. raised its stake in shares of Illumina by 32,837.5% in the fourth quarter. Bessemer Group Inc. now owns 1,348,131 shares of the life sciences company's stock worth $180,152,000 after acquiring an additional 1,344,038 shares during the last quarter. Finally, Assenagon Asset Management S.A. lifted its position in shares of Illumina by 2,057.5% during the first quarter. Assenagon Asset Management S.A. now owns 922,281 shares of the life sciences company's stock worth $73,174,000 after purchasing an additional 879,533 shares in the last quarter. 89.42% of the stock is owned by institutional investors and hedge funds.

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.