Canaccord Raises Price Target Of Illumina, Inc. (ILMN).

Illumina, Inc. (NASDAQ:ILMN) is among the 11 Best Genomics Stocks to Buy According to Hedge Funds. Kyle Mikson, an analyst at Canaccord Genuity, increased his price objective for Illumina, Inc. (NASDAQ:ILMN) shares from $87 to $99 on June 11 while keeping his rating at Hold.

The announcement comes after Illumina, Inc. (NASDAQ:ILMN) CEO Jacob Thaysen stated in a podcast that when pricing pressures lessen, revenue improvements may be driven by robust volume growth from clinical customers. Thaysen stated that its long-term development plan is still in place, provided that the NovaSeq X sequencing system is adopted more widely. Canaccord is still on the sidelines even if there are indications that its performance will improve in the medium term.

​​The recent performance of Illumina, Inc. (NASDAQ:ILMN), a significant participant in sequencing and genomics technology, has been hampered by pricing challenges. CEO Jacob Thaysen highlighted the need for clinical volume increase in promoting both future revenue growth and recovery.

The implementation of the NovaSeq X platform will be essential to carrying out Illumina, Inc. (NASDAQ:ILMN)’s expansion goal. Canaccord’s raised target reflects cautious optimism about improving execution while remaining neutral overall.

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