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Why Illumina Jumped 9.8% in November

What happened

Shares of the genomic sequencing specialist Illumina (NASDAQ: ILMN) rose nearly 10% in November, according to data from S&P Global Market Intelligence. However, there wasn't any company-specific news that can justify the move. Shareholders can likely chalk up the jump to continued enthusiasm for the company's breakout year.

So what

While there wasn't any big news released during the month, the company did have a few positive announcements to make, including:

  • Illumina opened up its first training center in France. This new facility will be capable of training up to 1,000 scientists each year on how to use Illumina's products. 
  • The company announced that it won a patent infringement lawsuit in the U.K. against a company called Premaitha Health.
  • Illumina announced two product updates. First, the company introduced a new instrument called the NextSeq 550Dx. This product allows for dual boot functionality, enabling the device to enter diagnostic mode and research mode, increasing its usefulness. Second, the company announced that the intended use of its MiSeq Dx instrument has been expanded to include DNA libraries generated from formalin-fixed paraffin embedded tissues. 
  • Dr. Gary Guthart, the current CEO of Intuitive Surgical, joined Illumina's board. 

When combined with the momentum from last month's upbeat earnings report, it isn't surprising to see that shares moved higher yet again.

Now what

2017 is turning out to be a wonderful year for Illumina shareholders. The company started off the year with a bang with the launch of its new NovaSeq series to market. This device promises to one day bring down the cost of sequencing a genome to as little as $100. That's an order of magnitude improvement over what exists today, so it isn't surprising to see that orders have begun to flood in. In turn, Illumina has produced a series of estimate-topping earnings reports this year.

With demand for the NovaSeq series still increasing, investors can probably expect that 2018 will be a great year, too. That makes Illumina a great stock for growth investors to get to know.

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Brian Feroldi owns shares of Intuitive Surgical. The Motley Fool owns shares of and recommends Illumina and Intuitive Surgical. The Motley Fool has a disclosure policy.