Biotech Stocks Catching Fire: Illumina (ILMN)
Illumina, Inc. (NASDAQ:ILMN) shares are surging nearly 17% on Tuesday, filling the gap from the October selloff, after the company announced the introduction of a new genome sequencing architecture expected to dramatically lower the cost of processing.
Shares are also enjoying a boost form an upgrade by analysts at Bank of America Merrill Lynch and comments by executives at a JPMorgan conference Monday night that Q4 revenues should be above consensus.
The company will next report results on Jan. 31 after the bell. Analysts are looking for earnings of 81 cents per share on revenues of $611 million.