With annual revenues of $2.8 billion, Illumina (ILMN) makes sequencing- and array-based solutions for genetic analysis, explains Leo Fasciocco, technical breakout specialist and editor of Ticker Tape Digest.

Illumina's core products serve customers in the research, clinical and applied markets. It enables the adoption of a range of genomic solutions.

The firm's portfolio of integrated systems, consumables and analysis tools cover the range of genomic complexity, price points, and throughput, enabling customers to select the solution for their research or clinical work.

The company provides reproductive-health solutions, including noninvasive prenatal testing, preimplantation genetic screening and diagnosis, and neonatal and genetic health testing.  

This year, analysts are forecasting a 22% jump in net to $4.86 a share from the $4 the year before. The stock sells with a price-earnings ratio of 60. That is high.

Looking out to 2019, net is projected to rise 15% to $5.61 a share from the anticipated $4.86 this year. Net for the upcoming second quarter is expected to surge 36% to $1.11 a share from the 82 cents the year before.

The highest estimate on the Street is at $1.16 a share. Currently, 11 analysts follow the stock. Profit growth for the third quarter is expected to slow to 3% with net at $1.14 a share versus $1.11 the year before.

The long-term chart shows the stock moving higher from $50 in 2013 to a peak at $242.37 by 2015. The stock then went into a long-term consolidation. It broke out in 2017 and has since surged to a new all-time high of $297.

The move to a new all-time high is bullish. We are targeting a move to $340 per share on this breakout. A protective stop can be placed near $285.

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