Why Shares of Ilumina Slumped 11.3% in September

Shares of applied genomics company Ilumina (NASDAQ: ILMN) dropped 11.3% in September, according to data provided by S&P Global Market Intelligence. The stock opened at $456.55 a share on Sept. 1 and closed at $405.61 on Sept. 30. The stock fell steadily throughout the month, but its biggest drop came on Sept. 27, when it closed just shy of $15 less than it had the day before. Ilumina's shares are still up more than 4% this year.

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The biggest thing hanging over Ilumina is its somewhat controversial purchase of liquid biopsy company Grail, which was once was a division of Ilumina but was spun off in 2016 into a separate company. In September 2020, it was announced that Grail was being brought back into the Ilumina orbit in an $8 billion deal.

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Source Fool.com