Illumina hits 52-week low on CFO departure
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Shares of the (NASDAQ:ILMN) approached a 52-week low on above-average volume on Friday after the gene-sequencing giant announced the departure of its Chief Financial Officer Sam Samad, effective July 08, after more than five years of service.
The surprising resignation could pressure Illumina (ILMN) shares given the uncertainty the situation creates and the concerns regarding the timing of the event, Wall Street analysts said.
The CFO's departure for a company, in this instance, a slow-growing one, ânaturally raises many questions,â Bloomberg reported quoting Cowen, which has an Outperform rating and a $492 per share target on Illumina (ILMN).
The firm expects company shares to react negatively to the news given the sudden departure, especially as it comes ahead of a major new product cycle.
Even though Illumina (ILMN) did not comment on the full-year guidance, Stifel, with a Buy rating and a $480 price target on the stock, predicts issues to come up around the quarter. 
Meanwhile, citing conversations with the companyâs Chief Executive Francis deSouza, SVB Securities noted that the departure largely reflects personal reasons and proximity to family rather than any indication of the quarter. The firm has a Market Perform rating and a $350 per share target on Illumina (ILMN).
Samad is set to join Quest Diagnostics (DGX) as its new CFO, effective July 11.