Illumina's stock plummeted 9.09% during intraday trading on Friday, extending a downward trend from earlier sessions.
The sharp decline was primarily driven by investor concerns over the company's mixed fiscal 2026 guidance, which created uncertainty despite Illumina reporting strong fourth-quarter 2025 results that exceeded analyst expectations.
Adding to the negative sentiment, JP Morgan cut its price target for Illumina from $130 to $120, reflecting analyst caution about the company's near-term prospects following its latest financial update.