Illumina (ILMN) Optics for Genomics Message Board

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Biotech / Medical : Illumina (ILMN) Optics for Genomics

ILMN 120.02

-2.8%

9:30 AM EST

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From: mopgcw	10/23/2006 4:52:19 AM
	of 276

Illumina - ILMN-NNM Neutral - Price 35.88 on Oct. 16 by Pacific Growth Equities We believe positive near-term momentum is priced in at current levels. In the rapidly evolving...genotyping market, we expect pricing and volume to be important metrics to track going forward. We believe the market is relatively elastic; modest price cuts can be offset by volume. However, we are concerned with drastic price cuts, such as that initiated by Affymetrix (AFFX: Nasdaq; Neutral) in mid-July. We anticipate pricing on Illumina's 300K product will likely continue to come down to stay competitive with Affymetrix. We see two legal overhangs that pose potential financial risk to Illumina. The first is the pending trial with Affymetrix in March 2007 over five key patents. It is difficult to speculate on the financial impact of the litigation, considering there are a wide range of outcomes. Second, deCODE Genetics (DCGN: Nasdaq; Not Rated) filed a suit on Sept. 25 to enjoin employees at large Illumina customer CHOP from continuing its study. Our Neutral stance is predicated on our view that Illumina is fairly valued, based on...the growth opportunities in [its] market.

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