By Alex BesserOctober 12, 2019 12:01:56At first glance, the stock is a red-hot investment with a market cap of $3.8 billion.
In fact, Illumina’s stock price surged over 3,000% from $1.50 to $3 on Oct. 8, 2017, before halving again to a low of $1 on Oct 25, 2018.
Investors are looking for a stock to beat in an increasingly crowded market, but many don’t have much of a track record.
That’s not to say Illumina is a bad stock.
In fact, the company is one of the fastest-growing companies in the space, thanks in part to its innovative Illumina NEXTseq platform that makes a personalized medicine, which is a type of medical treatment that uses stem cells.
This technology is particularly popular in cancer treatments, and the company’s research has shown that it can treat and cure a range of diseases including a range from Parkinson’s disease to HIV/AIDS, multiple sclerosis and epilepsy.
However, the tech has also been accused of not being safe for patients and could result in potentially fatal side effects.
The company’s stock has been on a roller coaster ride lately, as investors and analysts have been wary of the stock as a result.
After rising more than 3,500% in the past year, investors were concerned that the stock could fall further.
On Oct. 7, the firm’s stock plunged to $1, down about 50% from its recent high.
Investors were also worried about Illumina stock prices dropping too quickly, as it has done in the market’s past.
A lot of that concern was fueled by Illumina CEO Mark Ristevski, who took to Twitter to announce that the company had received approval to start commercializing its technology for a clinical trial.
“The FDA has been very clear and very clear that they are not in favor of [imaging] [biomarkers] for our first clinical trial, which we are very pleased to confirm,” Ristvenski tweeted on Oct 9.
“We are going to start the clinical trial in the next few weeks.”
The stock has since bounced back to around $1 per share.
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