ILMN Jumps Higher on Upbeat Guidance

In response, two analysts adjusted their price targets

Deputy Editor
Apr 6, 2021 at 10:36 AM
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The shares of Illumina Inc (NASDAQ:ILMN) are surging today, up 9.2% to trade at $420 at last check, after the company announced better-than-expected preliminary current-quarter and full-year guidance. In response, Cannacord Genuity raised its price target to $460 from $445, while BTIG cut its price objective to $520 from $570. 

Cooling off since its Feb. 12 record high of $555.77, the equity was last week trading below $390 for the first time since mid-January. Now, today's pop has ILMN eyeing its best day in nearly two months, though overhead pressure at the 40-day moving average could act as a ceiling. If these gains hold, the security could be on track to snap its two-week losing streak. 

Elsewhere, the brokerage bunch is leaning bearish. Of the 15 analysts in coverage, five carry a "strong buy" rating on Illumina stock, with seven a "hold" and three a "sell" or worse. Plus, the 12-month consensus price target of $402.75 coming into today is a 4% discount to current levels. 

Meanwhile, though short interest is down 14% during the last two reporting periods, it would still take three days to buy back these bearish bets at ILMN's average pace of trading. A further unwinding of these bearish bets could push the equity higher. 


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