On Friday, Nasdaq Inc’s (NASDAQ:NDAQ) annual reconstitution of the Nasdaq-100 Index will become effective before the market opens on December 23.

Illumina, Inc. (NASDAQ:ILMN) was removed from the index. Year to date, the stock has increased around 8%, underperforming iShares Core S&P Mid-Cap ETF (NYSE:IJH).

The provider of DNA sequencing and array-based technologies has been in the news due to its controversial multi-billion dollar deal to acquire cancer test maker Grail Inc (NASDAQ:GRAL).

Also Read: European Court Rules In Favor Of Illumina In Fight Against Probe Into Grail Deal, Asks Not To Pay $478M Fine

Nearly four years after pitching for Grail, Illumina finally separated the cancer blood test developer. To expand its reach in single-cell analysis and multiomics research, Illumina acquired privately-held Fluent BioSciences.

Also in March, activist investor Carl Icahn opted against pursuing a fresh challenge to Illumina’s board, which spares the U.S. gene sequencing company from facing its second proxy battle in consecutive years. 

Previously, Icahn had expressed intentions to remove additional directors from Illumina’s board, attributing the company’s substantial market value decline and the ill-fated $7.1 billion Grail acquisition to mismanagement by the existing board members. 

Most recently, Illumina reported third-quarter adjusted EPS of $1.14, beating the consensus of $0.88, with sales of $1.08 billion, almost in line with the consensus of $1.08 billion.

“During the third quarter, the Illumina team delivered strong operating results, and revenue met our expectations,” said Jacob Thaysen, Chief Executive Officer.

“The near-term macroeconomic environment remains constrained, and we are slightly lowering our 2024 revenue guidance,” Thaysen added.

Price Action: ILMN stock is down 0.12% at $143.70 at the last check on Monday.

Also Read:

• What’s Going On With Moderna Stock On Monday?

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This article What's Going On With Illumina Stock On Monday? originally appeared on Benzinga.com

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