Lone Pine Capital Likes Illumina's (ILMN) Genetic Code

June 5, 2008 3:58 PM EDT

Today we want to take a look at Illumina Inc. (Nasdaq: ILMN), a stock Lone Pine Capital, a hedge fund run by famed manager Steve Mandel, showed a 4.3% stake in (2,401,239 shares) as of the quarter ended 3/31/08. The firm did not show a stake in Illumina at the quarter ended 12/31/07.

Lone Pine Capital is a $9 billion long/short equity hedge fund founded in 1997 by Steve Mandel. Prior to founding Lone Pine Capital, Mandel was senior managing director and consumer analyst at Tiger Management.

Shares of Illumina have had quite a run, up 124% over the last year. Mandel is showing confidence that the run can continue. I think he is right.

Illumina develops systems for the analysis of genetic variation and biological function. The company is making studies possible that were not even imaginable just a few years ago. The company remains at the front of the technology curve which will continue to drive results.

I expect momentum for Illumina's products to continue, which will drive the stock higher.

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