Illumina has replaced its CEO, its Chairman, and its strategic priorities. What will this mean for investors?
September 14, 2023
Genomic sequencing leader Illumina (Nasdaq: ILMN) has been in the news a lot lately. And for all the wrong reasons.
Our 7investing team was initially drawn to Illumina’s undisputed leadership position, accounting for for more than 90% of the world’s high-throughput sequencing volume and benefiting from scientific breakthroughs like CRISPR and government-funded precision medicine initiatives.
Yet the company has been under the gun this year. In April, the Federal Trade Commission demanded that Illumina divest its newly-re-acquired GRAIL subsidiary, believing it led to uncompetitive business practices. On top of that, activist investor Carl Icahn launched a proxy battle that ultimately resulted in replacing both the Chairman and the CEO.
What will all of this mean for investors? Now priced at a 52-week low, is Illumina’s stock still a buy?
7investing advisor Simon Erickson shares a deep-dive into Illumina’s history, an analysis of its current situation, and whether 7investing thinks the stock is a buy, hold, or sell in his complete Company Update.
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