Illumina Stock Rises After Sale of Grail

Illumina is selling its Grail unit after two years of legal battles

After over two years of antitrust battles, Illumina Inc (NASDAQ:ILMN) will sell its cancer diagnostic test maker Grail through a third-party sale of capital markets transaction by the second quarter next year. The company spun off Grail in 2016 and retained a 12% stake, reacquiring Grail in 2021 despite competition concerns from the U.S. government. 

Illumina has pared its greater premarket gains, now up 1.3% at $128.77. The stock is fresh off four-straight weekly wins, though still down 36.4% since the start of the year, with newfound support at its 80-day moving average — a trendline that provided strict pressure in the spring. 

When speculating on ILMN’s next move, options look like a reasonable way to go. The stock’s Schaeffer’s Volatility Index (SVI) of 51% ranks in the 28th percentile of its annual range, meaning options traders are pricing in low volatility expectations at the moment. The stock has tended to outperform these expectations as well, per its Schaeffer’s Volatility Scorecard (SVS) of 87 out of 100. 

Leave a Reply

Your email address will not be published. Required fields are marked *