Pacific Biosciences of California Inc (PACB)

[Paulieme]

Illumina Downgraded by Leerink, Shares Plummet Over 10%

1:40 pm ET October 2, 2015 (Zacks)--(According to Investor’s Business Daily, this downgrade was partly induced by the earlier-than-expected launch of the new Sequel high-throughput gene-sequencing system of genomic services provider – Pacific Biosciences of California, Inc. PACB. The Sequel system is a direct competitor of Illumina’s NextSeq system.-
Shares of Illumina Inc. ILMN plunged more than 10% to reach $157.21 yesterday, after an analyst at investment bank Leerink Partners downgraded the company from Outperform to Market Perform. Consequently, the target price for the company also suffered a major fall from $225 to $185.

Notably, the analyst particularly expressed his concern over Illumina’s ability to successfully penetrate various diagnostics and consumer applications, citing uncertainty regarding the growth potential of the company’s next-generation sequencing (NGS) products in the research market. the target price for the company also suffered a major fall from $225 to $185.