Beyond the Tech Giants: 35 Non-Tech AI Opportunities

9. Illumina, Inc. (NASDAQ:ILMN) 

Number of Hedge Fund Holders: 56 

Illumina, Inc. (NASDAQ:ILMN) offers sequencing and array based solutions for genetic and genomic analysis in the United States, Singapore, the United Kingdom, and internationally. The firm uses AI in several advanced genomic applications, with a focus on improving disease risk prediction and drug discovery. One of their key AI innovations is PrimateAI-3D, a deep learning algorithm designed to analyze genetic variants and predict their potential to cause diseases. This AI tool leverages data from both human and non-human primate genomes to improve the accuracy of identifying disease-causing mutations, which is crucial for advancing precision medicine. It has shown success in predicting genetic risk across various populations, helping to address biases in genetic data analysis.

Illumina, Inc. (NASDAQ:ILMN) is viewed positively on Wall Street. Argus recently upgraded the stock to Buy from Hold with a $150 price target. In an investor note, the advisory detailed that the stock had fallen significantly over the past several years amid slowing product sales and antitrust litigation related to the company’s GRAIL acquisition, but the firm appeared to have now turned the corner and was delivering multiple quarters of margin growth, launching new products and services, and introducing ambitious earnings guidance for 2024.