Dallas, Texas 07/20/2015 (Financialstrend) – Ahead of the earning-session, the Street is remaining bullish over Illumina, Inc. (NASDAQ:ILMN) posting an impressive second quarter. Growing bullish sentiments come on the heels of the company posting four straight quarters of growth and impressive earnings that beat estimates. It remains to be seen if the company will beat its earnings per share estimates of 81 cents a share that is slightly above the Street’s estimates of 78 cents a share.
Illumina, Inc. (NASDAQ:ILMN) is a key player in the multi-billion next generation sequencing market that has continued to act as a key driver of the company’s earnings. The management team remains focused on innovation and market development as it moves to tap into the untapped opportunities in the genomics market. Recently Illumina signed a marketing agreement with Neogen for the marketing and selling of the latter’s arrays with custom SNP content
Analysts at Canaccord have already initiated coverage of the stock with a $275 share price target having reiterated that Illumina, Inc. (NASDAQ:ILMN)’s fundamentals remain strong going forward. Blistering demand for the company’s products should act as a key driver of the stock according to the analysts. The analysts also seem buoyed by the company’s leadership position, innovation and a strong pipeline of products in the next generation sequencing market.
Expansion into China
Illumina, Inc. (NASDAQ:ILMN) is planning to tap new markets with its pipeline of products as it continues to expand its vision. However, in the short term the company should register substantial growth in oncology and prenatal diagnostics. Its expansion strategy revolves around developing meaningful strategic partnerships with other diagnostics and therapeutics service providers. The model has already allowed Illumina to enhance its portfolio of sequencing products.
Illumina, Inc. (NASDAQ:ILMN) is also expanding its footprint in China having tied a partnership with China-based genomic enterprise Annoroad. Its partnership with Berry Genomics continues to affirm the company’s prospects in China.