Illumina Buys Back $120M of Stock
Illumina, the San Diego-based maker of genetic analysis tools, said today its board has authorized a plan to buy back $120 million worth of the company’s stock. Illumina shares fell $7.51 a share since the beginning of the week, until the repurchase plan was announced, even after the company raised its financial forecast for the year. Shares recovered a bit on the news, climbing 85 cents, or 3.6 percent, to $24.16 at 11:34 am Eastern time. “Given the underlying strength of Illumina’s business and the recent turbulence in the equity markets, we think our current stock price is undervalued,” said Jay Flatley, Illumina’s CEO, in a statement.