Shares of Illumina (ILMN) are down about 2% after the biotechnology company reported mixed third-quarter financial results.
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Illumina announced earnings per share (EPS) of $1.14, which was well ahead of the $0.88 consensus expectation on Wall Street. Revenue for the quarter totaled $1.08 billion, which was in line with analyst forecasts.
In terms of guidance, Illumina said that it expects revenue in the current fourth quarter of 2024 to total $1.07 billion, which is below the $1.11 billion that analysts had penciled in for the company. The company forecast full-year earnings of $4.05 to $4.15 a share, which tops the consensus estimate of $3.91 on Wall Street.
Illumina Stock Performance
Illumina develops products used in gene sequencing, genotyping, and genetic medicine. Founded in 1998, the company today has more than 9,000 employees and sells its products in more than 155 countries worldwide. The company’s success has lifted its share price this year.
ILMN stock has gained 40% over the last 12 months, including a 13% gain this year. While the recent gains have been impressive, the company’s share price is actually recovering after a sharp selloff. Through five years, ILMN stock is down 46% at current levels. Improving financial results in recent quarters have helped to stop the share price decline.
Is ILMN Stock a Buy?
Illumina stock has a consensus Moderate Buy rating among 16 Wall Street analysts. That rating is based on 10 Buys, five Holds, and one Sell assigned in the last three months. The average ILMN price target of $157.38 implies 2.53% upside from current levels.
