NEW YORK (GenomeWeb News) – Complete Genomics disclosed in a filing with the US Securities and Exchange Commission this week that another lawsuit has been field against the firm by a "purported stockholder" alleging a breach in fiduciary duties in connection with the firm's proposed $117.6 million merger with BGI. It is the latest in a handful of suits filed against Complete Genomics, its board of directors, and executives seeking to block the deal.
In addition, Complete Genomics said that a plaintiff in one of the other suits filed an amended class action claim alleging board members breached their fiduciary duty with respect to disclosure made regarding the proposed merger with BGI.
A couple of Wall Street analysts have upped their price targets on Illumina's stock. Dan Leonard at Leerink Swann upped the valuation to a range of between $56 and $58 from a previous $54 to $56. He said in a research note that a survey conducted by the bank suggests HiSeq purchases in the coming 12 months will be greater than the previous 12 months. Leonard added that Wall Street's estimates for the second half of the year "are achievable if not a bit conservative."
Peter Lawson at Mizuho also increased his price target on Illumina's shares to $57 from $52. He said that despite concerns over funding for genomics research, Illumina "continues to be the best positioned vendor," according to the results of a survey conducted by the bank.
In early Friday afternoon trade on the Nasdaq, shares of Illumina were trading at $52.19.
Danaher and Cooper Industries announced this week that they will sell their jointly owned Apex Tool Group to Bain Capital for $1.6 billion. Danaher said that it expects the deal to generate after-tax net proceeds of approximately $650 million. Following the announcement of the deal, Jefferies analyst Jon Wood decreased his 2013 earnings-per-share forecast for Danaher to $3.55 from $3.60. His $65 price target on the firm's stock is unchanged. In Friday afternoon trade on the New York Stock Exchange, shares of Danaher were up a penny at $55.94.
In Brief This Week is a Friday column containing news items that our readers may have missed during the week.