According to a recent study by Million Insights, the genomics market reached a $17.2 billion valuation in 2019. By 2027, it's projected to be worth $31.1 billion. Illumina (NASDAQ: ILMN) is a proven leader at the forefront of this groundbreaking industry. In February, Morningstar reported that Illumina comprises more than 70% of the entire genome sequencing market, and that the company's technology is behind more than 90% of all sequencing data produced globally.
Very few stocks were left unscathed when the stock market plunged a few months ago, and Illumina was no different. By the middle of March, the stock was down roughly 36% year to date. Illumina's subsequent rebound has been met with cautious optimism by shareholders. The stock closed at just 0.4% below its 52-week high on Friday, July 17. If you're wondering whether now is a prime opportunity to buy shares of Illumina, you're not alone.
Here's what you should know before purchasing this large-cap stock.
Source Fool.com