Should You Hold Illumina (ILMN)?

Ensemble Capital Management, an investment management company, released its 2022 annual investor letter. A copy of the same can be downloaded here. For the fiscal year ended October 31, 2022, the fund returned -29.33% compared to a total return of -14.61% for the benchmark S&P 500 Index for the same period. In addition, please check the fund’s top five holdings to know its best picks in 2022.

Ensemble Capital highlighted stocks like Illumina, Inc. (NASDAQ:ILMN) in the 2022 annual investor letter. Headquartered in San Diego, California, Illumina, Inc. (NASDAQ:ILMN) is a biotechnology company. On January 13, 2023, Illumina, Inc. (NASDAQ:ILMN) stock closed at $201.11 per share. One-month return of Illumina, Inc. (NASDAQ:ILMN) was 0.79%, and its shares lost 50.36% of their value over the last 52 weeks. Illumina, Inc. (NASDAQ:ILMN) has a market capitalization of $31.635 billion.

Ensemble Capital made the following comment about Illumina, Inc. (NASDAQ:ILMN) in its 2022 annual investor letter:

“Illumina, Inc. (NASDAQ:ILMN) (5.17% weight in the Fund): Illumina’s stock price declined 44.87% during the Fund’s fiscal year, detracting 2.01% from relative performance vs the S&P 500. In addition to extraordinary strength in the US dollar detracting from growth in their significant foreign revenue, as well as COVID lockdowns limiting sales in China, the company’s already closed acquisition of the cancer test maker GRAIL was thwarted by European Union After paying approximately $8 billion to acquire GRAIL despite EU regulator’s warning that the deal may violate antitrust rules, Illumina will likely need to divest their ownership of the company taking a loss of nearly $4 billion as estimated by the company.”

science photo/Shutterstock.com

Illumina, Inc. (NASDAQ:ILMN) is not on our 30 Most Popular Stocks Among Hedge Funds list. As per our database, 49 hedge fund portfolios held Illumina, Inc. (NASDAQ:ILMN) at the end of the third quarter, which was 44 in the previous quarter.

We discussed Illumina, Inc. (NASDAQ:ILMN) in another article and shared the list of blue chip stocks to buy that are down over 30% YTD. In addition, please check out our hedge fund investor letters Q4 2022 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.