Illumina weakness ‘overdone,’ says Wolfe Research

Wolfe Research reiterated an Outperform rating and $150 price target on Illumina (ILMN) after Roche (RHHBY) presented scientific details about its sequencing by extension technology. Q39 appears better than expected, but the devil is in the details, and one way or another, a number of unknowns remain, the analyst tells investors in a research note. Additionally, given shares of Illumina have already been hit hard due to China, Roche anticipation, and NIH concerns, the firm views Thursday’s weakness as overdone given what it has heard from Roche.