Why Illumina Inc Stock Is Falling

llumina, Inc. ILMN shares are trading lower Friday after the company reported mixed third-quarter financial results on Thursday.

The Details:

Illumina reported quarterly earnings of  33 cents per share, beating the analyst consensus estimate of 12 cents per share and quarterly revenue of $1.12 billion, missing the consensus estimate of $1.131 billion.

Jacob Thaysen, CEO of Illumina stated, "In Q3, Illumina delivered revenue of approximately $1.12 billion, flat year-over-year or up 1% on a constant currency basis. This was a disappointing result."

"Despite a lower gross margin year-over-year, tight management of our operating expenses allowed us to deliver diluted non-GAAP EPS of $0.33, also approximately flat year-over-year."

Canaccord Genuity analyst Kyle Mikson downgraded Illumina from Buy to Hold and lowered the price target from $210 to $120 following the earnings report.

Shares of ILMN are falling on heavy trading volume Friday. According to data from Benzinga Pro, more than 5.2 million shares have been traded in the session, compared to the stock's 100-day average volume of 1.7 million shares.

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ILMN Price Action: According to Benzinga Pro, Illumina Inc. shares are down more than 13% at $92.90 at the time of publication.

Image: Gerd Altmann from Pixabay