Downgrade Alert for Illumina (ILMN)
Illumina (NASDAQ:ILMN) was downgraded from Buy to Neutral at CL King today. The stock closed yesterday at $173.75 on volume of 1.2 million shares, below average daily volume of 1.8 million.
Illumina has overhead space with shares priced $173.75, or 1.4% below the average consensus analyst price target of $176.15. The stock should discover initial support at its 200-day moving average (MA) of $170.95 and subsequent support at its 50-day MA of $154.30.
Illumina, Inc. develops, manufactures and markets integrated systems for the large scale analysis of genetic variation and biological function. The Company provides a comprehensive line of products and services that currently serve the sequencing, genotyping and gene expression markets for genomic research centers, pharmaceutical companies, academic institutions and biotechnology companies.
Illumina share prices have moved between a 52-week high of $242.37 and a 52-week low of $25.57 and closed yesterday at 580% above that low price at $173.75 per share. Over the past week, the 200-day moving average (MA) has gone down 1.2% while the 50-day MA has declined 0.8%.
SmarTrend recommended that subscribers consider buying shares of Illumina on July 27th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $154.70. Since that recommendation, shares of Illumina have risen 11.0%. We continue to monitor ILMN for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Keywords: analyst upgrades/downgrades illumina