NEW YORK (AP) -- Shares of genetic analysis company Illumina Inc. rose Thursday after the company said it sold 22 gene analyzing systems to the Broad Institute, boosting that institution's installed base to 47 units.
The Broad Institute is a collaboration between Cambridge, Mass., neighbors Massachusetts Institute of Technology and Harvard University. It focuses on genetic research.
Shares of Illumina rose $1.34, or 3.9 percent, to $35.61 in midday trading. The stock has traded between $18.82 and $47.88 over the past 52 weeks.
"The Broad Institute's decision to significantly scale their installed base of Genome Analyzers is a tremendous sign of their confidence in our ability to continue improving the performance and economics of the system," said Illumina Senior Vice President and Chief Financial Officer Christian Henry, in a statement.
During the first quarter, the company reported a 43 percent boost in revenue, reaching $160.9 million. The Genome Analyzer is one of its main genetic technology products.
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