Illumina Receives a Buy from BTIG

By George MacDonald

In a report released today, Dane Leone from BTIG maintained a Buy rating on Illumina (NASDAQ: ILMN), with a price target of $240. The company’s shares opened today at $185.64.

Leone observed, “Today Illumina and Berry Genomics announced that the China FDA has provided premarket clearance for the NextSeq CN500 and a premarket clearance for Hangzhou Berry Genomics non-invasive prenatal testing (NIPT) detection kit for trisomies 13, 18 and 21. After imposing a ban on NIPT testing in February 2014 the Chinese Government approved a commercial test from the BGI group during July 2014, but Berry Genomics has not had approval to distribute NIPT kits to third party labs until now. In line with our previous report on NIPT (Click Here), we expect the size of the NIPT market in China to be at least equivalent to if not ultimately larger than the US. We reiterate our Buy on ILMN and $240 price target as we think success with NIPT in China could support upside to current estimates for consumable revenues over the next 12 months.   We have estimated the near term opportunity for NIPT in both China and the US to be ~$300 – 400m annually”

Illumina has an analyst consensus of Moderate Buy, with a price target consensus of $231.83.

The company has a one year high of $213.33 and a one year low of $127.69. Currently, Illumina has an average volume of 1.17M.

According to TipRanks.com, Leone is a 4-star analyst with an average return of 10.8% and a 68.2% success rate. Leone covers the Healthcare sector, focusing on stocks such as Quest Diagnostics Inc., NanoString Tech, and Thermo Fisher.

Illumina Inc providessequencing-and array-based solutions for genetic analysis. Itsproducts enabled researchers to explore DNA, helping them create the first map of gene variations associated with health, disease, and drug response.