Piper Sandler names Illumina a top pick, says genetics company can surge more than 50%

Shares of Illumina can surge more than 50% from here on the back of new product launches, according to Piper Sandler. Analyst David Westenberg named biotech company Illumina a top pick and reiterated his overweight rating on the stock, citing new sequencing products that could drive growth at the company.

Still, the analyst said he approves of the genetics company's competitive position in the industry in his "non consensus call." "Illumina still has a dominant competitive position and is in control of its own pricing structure. We think the company can launch a sequencer where it will see rapid adoption among high throughput users in the academic setting.

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