Illumina Outlook Causes New 52 Week High
Wednesday April 19, 2:33 pm ET
Illumina Shares Rise to New 52 Week High After 2006 Outlook Increased on Strong Sales
NEW YORK (AP) -- Shares of Illumina Inc. jumped to a new 52 week high Wednesday after the maker of genetic-variation measuring equipment increased its outlook for the year on strong sales, and analysts followed suit to update their models.
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Illumina shares rose $3.24, or 12.6 percent, to $28.99 in afternoon trading on the Nasdaq at about four times their average volume. Shares reached a high of $29.96 earlier in the day and previously traded between $8.27 and $27.98 over the past 52 weeks.
Investment firm Caris & Co., which rates Illumina "Above Average," raised its earnings-per-share estimate for the year to 31 cents from 15 cents on expected revenue of $137.2 million, up from a previous estimate of $119.2 million.
On Tuesday, Illumina raised its full-year earnings estimates before stock options to range from 23 cents per share to 38 cents per share, with revenue of $130 million to $140 million, up from the previous forecast of 11 cents to 29 cents per share on revenue of $115 million to $125 million.
Before the increase, analysts surveyed by Thomson Financial had expected earnings per share of 20 cents on revenue of $117 million for the year. Analysts exclude stock option expense in estimates.
Investment firm Baird maintained its "Neutral" rating of Illumina and raised its price target to $29 from $21, and estimated pro forma earnings per share of 42 cents on revenue of $140 million, up from a previous estimate of $117 million.
Additionally, Caris raised its 2007 earnings-per-share estimate to 68 cents from 52 cents on revenue of $185.9 million, up from $157.9 million. Baird set a pro forma estimate of 71 cents per share 2007 earnings on revenue to $186 million, up from a previous estimate of $159 million.
Analysts had previously reached an earnings consensus of 57 cents per share 2007 earnings on revenue of $165.3 million. |
