Illumina, the largest maker of DNA sequencing technology, told investors exactly what they didn’t want to hear on Monday.
For years, Illumina shares rose steadily as the company led the way on pushing down the costs involved in doing genetic research. Its new machines were must-haves for genetic researchers, who bought the new devices as quickly as Apple enthusiasts snapping up new iPhones.
Now, in some ways, the company is a victim of its own success, as it has already pushed the cost of sequencing a human genome into the hundreds of dollars. And researchers in both academia and industry may be facing pressures when it comes to big purchases because of uncertainties about funding and the larger economy. The company’s stock price has fallen sharply from its July 2021 peak of about $495 and currently sits at $195.
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