Hedge Funds and Insiders Are Buying These 5 Stocks

4. Illumina Inc (NASDAQ:ILMN)

Number of Hedge Fund Investors: 58

Illumina Inc (NASDAQ:ILMN) ranks fourth in our list of the stocks being bought by corporate insiders as well as hedge funds. Illumina Inc (NASDAQ:ILMN) CEO Jacob Thaysen on February 22 bought 7,330 shares of Illumina Inc (NASDAQ:ILMN) at $135.29 per share. Since then the stock has gained about 4%.

A total of 58 hedge funds out of the 933 funds tracked by Insider Monkey had stakes in Illumina Inc (NASDAQ:ILMN).

Baron Opportunity Fund stated the following regarding Illumina, Inc. (NASDAQ:ILMN) in its fourth quarter 2023 investor letter:

“Illumina, Inc. (NASDAQ:ILMN) has been the leading provider of DNA sequencing platforms. The stock declined due to weak financial results, management turnover, and uncertainty about the outcome of the acquisition of Grail, which regulators have challenged on antitrust grounds and in the meantime has been burning cash flow and hampering Illumina’s consolidated performance. We exited our Illumina position during the quarter but will continue our research and analysis regarding the adoption of Illumina’s new sequencing instruments, management’s plan to divest Grail, the evolving DNA-sequencing competitive environment, and the new company management team.”