Biotechnology company Illumina, Inc. (NASDAQ:ILMN) recently announced that it has entered into a partnership with a cancer-focused healthcare corporation, Syapse, to develop comprehensive genomic profiling in the community oncology health system setting.
Following the news, shares of the company declined 2.2% to close at $372.36 on Tuesday.
The companies will collaborate on biomarker testing so that patients can be treated with the right therapy at the right time and save costs without undergoing other irrelevant diagnostic procedures.
In this regard, both companies will be assessing the biomarker testing patterns and actionability of test results to ensure improved clinical decision making.
The Chief Medical Officer of Illumina, Dr. Phil Febbo, said, “The insights gleaned from this collaboration can help to make that a reality by improving clinical decision making, at both the provider and health system level and ultimately strengthening the delivery of precision oncology care.”
Consensus among analysts is a Hold based on 1 Buy, 2 Holds and 1 Sell. The average Illumina price target of $441.75 implies upside potential of 18.6% from current levels. Shares have declined 0.68% over the past year.
News Sentiment for Illumina is Neutral based on 7.25 articles over the past seven days. 50% of the articles have Bullish sentiment, compared to the sector average of 58%.