Illumina Inc. (ILMN) shares plummeted 5.16% in the pre-market session on Monday, following a series of negative developments that have cast doubts over the biotechnology company's prospects.
The stock selloff comes after Barclays downgraded the company to "Underweight" from "Equal-Weight," citing concerns over revenue declines and increasing competition in the market. Similarly, Morgan Stanley maintained a "Hold" rating on ILMN, setting a price target of $136.
Compounding the woes, Illumina has found itself embroiled in geopolitical tensions with China. According to reports, the company was added to China's unreliable entity list for allegedly breaching fair market rules by cutting ties with Chinese firms following US tariffs imposed during the Trump administration. Illumina has stated that it is in discussions with Chinese authorities to seek solutions to this issue.
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