In short: Raskin's largest position and her healthcare centrepiece: "Illumina is probably the largest stock in my portfolio right now. I've used it with my final trade at the beginning of the year a few times. The entire backbone of our genomic sequencing is on Illumina equipment." The upside argument is scale-relative, and she frames it directly against Brown's market-cap roll call: "it was less than a $20 billion market cap. It's now a $30 billion market cap — but Josh just gave you a ton of market caps in the 100, 200, $300 billion range. So I think this kind of company has a lot to go, and the demand you can just see from Moderna and the new technologies — personalized medicine is here and is coming." (The auto-transcript renders it "alumina.")
Illumina makes the machines that read DNA. Amy Raskin calls it the backbone of genomic sequencing, and it is the largest single position in her portfolio.
Her argument is about size rather than valuation. The company was worth under $20 billion not long ago and is worth about $30 billion now — which sounds like a big move until you set it against the AI-infrastructure names Josh Brown had just listed, several of which are worth $100 to $300 billion. If personalised medicine — treatments designed around an individual patient's genetics, the kind of thing Moderna's cancer vaccine represents — really is arriving, the equipment supplier underneath it is small relative to the opportunity.
The risk she names herself is the macro one: she thinks long-term interest rates stay high unless growth slows materially, and a growth slowdown would not be good news for anything.
In short: The third "left for dead" life-science name in Verrone's bottoming list, cited for exactly the reason it is interesting — nobody has looked at it in years, and the reversal is "particularly notable."
Illumina makes DNA-sequencing machines and the consumables they consume — the most cyclical of the three life-science names, because a sequencer is a capital purchase a squeezed research budget can simply defer.
That is precisely why Verrone flags it: the deepest de-rating produces the sharpest reversal when funding conditions stop deteriorating. He calls it a "major major bottom," a phrase he uses sparingly.
40:50Pharma and biotech and life sciences have been leadership. They remain the leadership. They act great. I think these reversals in some of these left for dead life science stocks are particularly notable. The thermos and the Danaher's and the Illumina's which haven't been looked at in years. I think they put in major major bottoms.
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