Why Illumina Inc Stock Is Falling
Portfolio Pulse from Erica Kollmann
Illumina, Inc. (NASDAQ:ILMN) stock dropped after reporting mixed Q3 financial results, with earnings beating estimates at $0.33 per share but revenue missing at $1.12 billion against an expected $1.131 billion. CEO Jacob Thaysen expressed disappointment with the flat year-over-year revenue. Canaccord Genuity analyst Kyle Mikson downgraded the stock from Buy to Hold and cut the price target from $210 to $120. Trading volume spiked with over 5.2 million shares, far exceeding the 100-day average of 1.7 million shares.
November 10, 2023 | 5:27 pm
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Illumina's stock fell due to mixed Q3 results, with earnings surpassing expectations but revenue missing estimates. The company's year-over-year revenue remained flat, and a significant downgrade by Canaccord Genuity analyst contributed to the stock's decline.
The stock price is likely to go down in the short term due to the reported revenue miss and the subsequent downgrade by a prominent analyst, which can negatively affect investor sentiment. The high trading volume indicates significant market reaction to the news.
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