Illumina Stock Slips After Disappointing Results

No fewer than nine analysts cut their price objectives

Deputy Editor
Aug 12, 2022 at 11:27 AM
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The shares of Illumina Inc (NASDAQ:ILMN) are down 9.6% at $205.71 at last check, and earlier dipped as low as $198, after the company announced worse-than-expected second-quarter results and a disappointing full-year revenue forecast. No fewer than nine analysts cut their price targets after the event, including Atlantic Equities, which slashed its price target to $190 from $285, citing building competition and price pressure in the market. 

Before today's drop, ILMN had been rising from its July 14, five-year low of $173.45. The $198 level, which provided support in late July, appears to have captured today's losses. Still, the security slipped below the 60-day moving average earlier, and  is down 45.7% year-to-date.

Options traders were quick to chime. So far, 9,411 calls and 11,000 puts have crossed the tape today, with overall options volume running at 17 times the intraday average. The 8/12 190-strike put is the most popular, followed by the 195-strike put in the same series, with new positions being opened at both. It's also worth noting that ILMN has landed on the short sell restricted (SSR) list today. 

Analysts lean pessimistic on Illumina stock. Of the nine in coverage, six carry a  tepid "hold" or worse rating, while only three say "buy" or better.



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