Benzinga | Feb 8, 2021 03:53PM EST

Why Illumina's Stock Is Trading Higher Today

Illumina (NASDAQ:ILMN) shares are trading higher on Monday. The company announced it has elected nine new genomics companies to join the second global funding cycle of Illumina Accelerator in the U.S. and UK.

Illumina provides tools and services to analyze genetic material with life science and clinical lab applications. The company generates revenue from sequencing tools and dedicated consumables (73% of 2019 sales).

Illumina's high-throughput technology enables whole genome sequencing in humans and other large organisms. Its lower throughput tools enable applications that require smaller data outputs, such as viral and cancer tumor screening.

Illumina shares were trading up 4.99% at $450.32. The stock has a 52-week high of $453.68 and low of $196.78.