Illumina Inc (ILMN)

Shares of Illumina, Inc. (ILMN) dropped by 5.67% from $98.47 to $92.79 in the trading on Monday, Novemeber 13, 2023. The reasons why ILMN down are due to mixed quarter results and a cut in price target.

• Disappointing Q3 Results: Illumina reported its Q3 results, which did not meet market expectations. While the company's earnings per share (EPS) for the quarter came in at $0.33, surpassing the consensus estimate of $0.13, the revenues of $1.12 billion were below the consensus expectation of $1.13 billion. The 5% year-over-year decline in revenues was also a concern. The disappointing financial performance may have led to a negative sentiment among investors, resulting in a drop in the stock price. Additionally, the company's guidance for fiscal year 2023 indicated lower EPS and revenue expectations compared to market consensus, which likely contributed to the stock's decline.
• Price Target Cut: Piper Sandler, a financial institution, maintained an Overweight rating on Illumina's stock but lowered its price target for the company to $190. When prominent financial institutions like Piper Sandler revise their price targets downward, it can lead to increased selling pressure on the stock as investors adjust their expectations and positions accordingly. This price target cut may have further weighed on Illumina's stock price.

Shares of Illumina, Inc. (ILMN) dropped by 8.05% from $106.98 to $98.37 in the trading on Friday, Novemeber 10, 2023. The reason why ILMN down is due to weaker-than-expected third-quarter earnings.

• Q3 Earnings Miss: For the quarter ending in September 2023, Illumina reported revenue of $1.12 billion, a modest increase of 0.4% compared to the same period the previous year. Earnings per share (EPS) came in at $0.33, slightly down from $0.34 in the year-ago quarter. The reported revenue missed the Zacks Consensus Estimate by -1.16%.
• Key Metric Discrepancies: Several key metrics, including geographic revenue figures and specific revenue categories, showed discrepancies between actual performance and analyst estimates. Notably, revenue from Greater China experienced a -26.3% year-over-year change, and revenue from Microarrays- Instruments and Microarrays- Consumables both declined significantly year-over-year.
• Mixed Performance: While the United States saw a revenue increase of +9.8% compared to the year-ago quarter, other regions and specific revenue categories had mixed performance, with some showing declines.
• Product Revenue Decline: Revenue from Product revenue saw a year-over-year change of -2.3%.