Back to top
We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties. You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies. In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Image: Bigstock
Illumina (ILMN) Soars 3.4%: Is Further Upside Left in the Stock?
Illumina (ILMN - Free Report) shares soared 3.4% in the last trading session to close at $190.49. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 8.9% loss over the past four weeks.
Illumina scored a strong price rise, driven by optimism surrounding the company’s upcoming second quarter 2023 financial results, which is slated to release on Aug 9 post the closing bell.
The Zacks Consensus Estimate indicates that the company’s second-quarter revenues will remain flat year over year. Illumina achieved key product milestones in the first quarter, including shipping the first NovaSeq X systems which exited the quarter with over 200 orders received from more than 30 countries. Further, the company remains focused on margins improvement and increased investment in high-growth areas, which might have boosted confidence on the stock.
This genetic testing tools company is expected to post quarterly earnings of $0.03 per share in its upcoming report, which represents a year-over-year change of -94.7%. Revenues are expected to be $1.16 billion, up 0% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Illumina, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on ILMN going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Illumina is part of the Zacks Medical - Biomedical and Genetics industry. Kiniksa Pharmaceuticals, Ltd. (KNSA - Free Report) , another stock in the same industry, closed the last trading session 2.6% higher at $15.59. KNSA has returned -4.8% in the past month.
For Kiniksa Pharmaceuticals, Ltd., the consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.16. This represents a change of +44.8% from what the company reported a year ago. Kiniksa Pharmaceuticals, Ltd. currently has a Zacks Rank of #3 (Hold).