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Illumina, a leading sequencing company, recently launched two new instruments, MiSeq i100 and MiSeq i100 Plus, as part of its updated MiSeq series. While the critics largely applauded the launch, the investor community showed a muted response, with Illumina’s stock price barely moving. Analysts noted that the new systems are not expected to be a significant revenue driver, but they view them as a “nice upgrade” for Illumina to better compete in the benchtop sequencing market.
In another high-profile news, Pfizer, the pharmaceutical giant, faced a challenge from activist investor Starboard Value, which purchased a $1 billion stake in the company. Starboard’s move comes as Pfizer’s stock has plummeted more than 50% from its all-time high, largely due to falling sales of its COVID-19 vaccine, Comirnaty, and other setbacks. Analysts believe that Starboard’s campaign is aimed at addressing Pfizer’s aggressive business development strategy and lack of return on investment, though they see limited “low-hanging fruit” to boost shareholder value.
The article also highlights the performance of other life science companies, such as Gritstone Bio, which filed for Chapter 11 bankruptcy, and Relief Therapeutics, whose shares more than doubled on promising preliminary results from a trial for a treatment for epidermolysis bullosa. Additionally, 10x Genomics saw its shares tumble after reporting lower-than-expected third-quarter revenue, which the company attributed to a realignment of its U.S. sales team and slower customer spending.
