Shake-Up Alert: 40 Companies Facing Activist Pressure

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8. Icahn Enterprises campaign at Illumina, Inc. (NASDAQ:ILMN)

Stock Return: -36.8%

S&P 500 Return: 29.2%

Investment date: 18/04/2023

Number of hedge funds holding stakes: 48

Illumina, Inc. (NASDAQ:ILMN) is a diagnostics and research company that offers sequencing and array-based solutions for genetic and genomic analysis. The company has been the target of billionaire investor Carl Icahn, who insists it is time to oust its board to reinvigorate growth metrics.

The billionaire investor has been critical of the company’s $7 billion acquisition of Gr, making it the center of a proxy fight. Nevertheless, Illumina, Inc. (NASDAQ:ILMN) has budgeted under pressure and agreed to sell the unit. Icahn has cheered the plan to divest the unit but insists the job at the company still needs to be done.

Illumina, Inc. (NASDAQ:ILMN) is down by 8.3% for the year. 48 out of 920 hedge funds tracked by Insider Monkey held stakes in the company, down from 58 as of the end of last year.

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