Why Illumina Stock Just Dropped 10%

Shares of Illumina (NASDAQ: ILMN), a maker of equipment for genetic testing and analysis, had crashed 10% as of 12:50 p.m. on Thursday. The company announced this morning that it has completed its $8 billion cash and stock acquisition of cancer-testing company Grail despite the fact that the European Commission (EU) is still reviewing the transaction over monopoly concerns -- a fact that sparked a statement of "regret" over Illumina's decision from the commission.

Analysts aren't particularly pleased with this news, either. As TheFly.com reports today, Citigroup called Illumina's decision "confusing," while SVB Leerink went a step further and downgraded the stock to market perform.

Image source: Getty Images.

Source Fool.com