Illumina (ILMN) shares plummeted 5.28% in pre-market trading on Thursday, reflecting investor concerns following a significant downgrade from a major financial institution.
The sharp decline comes after Barclays lowered its price target on Illumina from $100 to $77, a reduction of 23%. The firm also maintained its Underweight rating on the stock, signaling continued skepticism about Illumina's near-term prospects. This adjustment was part of Barclays' broader first-quarter earnings preview for the sector.
The lowered price target and maintained Underweight rating suggest that Barclays analysts have concerns about Illumina's financial performance or market position. Investors appear to be reacting to this negative outlook, leading to the significant pre-market sell-off. As the market opens, it remains to be seen how Illumina's stock will perform throughout the trading day and whether other analysts will follow suit with similar downgrades.
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