Beijing said it is banning the U.S. biotech from [exporting gene sequencers to China](

Beijing said it would ban the U.S. biotech from [exporting gene sequencers to China](

Illumina (ILMN) said it is instituting an incremental approximately $100M cost reduction program for fiscal 2025. The company added, “These

Shares were trading around $84.10, but recovered earlier losses seen in premarket trading. The stock is down 37% over the last year. China's Ministry of Commerce on Tuesday said it will prohibit Illumina from exporting gene sequences to China after being placed on the "unreliable entity" list in retaliation for President Trump's first round of tariffs in February.

Stifel notes that China has announced that Illumina (ILMN) is now prohibited from exporting gene sequencers to China one month after adding the

Illumina shares edge down 3.5% in premarket trading after China placed restrictions on the company as it caught itself in the country's crosshairs in response to a developing trade war. Shares were trading around $84.

Illumina will seek to cut $100 million in expenses by the end of this fiscal year as it plans to deal with a loss of revenue from China, after the country banned the importation of its DN | Illumina also lowered its annual financial forecast,

In a sign it is willing to go further in responding to President Trump’s tariffs, Beijing blocked more American companies from importing goods into China.

Canaccord lowered the firm’s price target on Illumina (ILMN) to $115 from $135 and keeps a Hold rating on the shares. The firm’s target