Illumina's stock has dropped dramatically in the last few months.
I have watched Illumina over the last six or seven years and their price has seemed to follow a continual upward trajectory. With the exception of a couple of hiccups, one of which was caused by the Paired End reagent problems in 2009. This time it looks like the global recession is finally starting to hit Genomics expenditure.
And just as we were all having so much fun!
The stock had been at $60-80 for most of the last year. But in July it dipped below $60 and by mid September was under $50.
Today it stands at $27.
Several of the investment companies have recently downgraded life science companies including Illumina as sales forecasts are not looking as stellar as they have in recent years. I am sure Illumina and Life are placing big bets on MiSeq and Ion. Illumina are only just starting to ship and if they can't deliver in the volumes expected I think the banks won't take that as a good sign. At least the PE issues were against a background of incredibly strong demand from users.
Life Technology has had a similar drop from $70 and is currently at $36.82.