Analysts Have Conflicting Sentiments on These Healthcare Companies: Apellis Pharmaceuticals (NASDAQ: APLS) and Illumina (NASDAQ: ILMN)We continue to believe ILMN is well positioned to remain the market leader in NGS, supported by its differentiated platform, which enables high- throughput sequencing at lower costs while streamlining workflows. However, the evidence of ILMN’s ability to drive sustained elasticity of demand following the NovaSeq X transition (which brought down sequencing cost by ~3x), especially against the backdrop of softer research customer spending due to weak macro conditions, the evolving competitive landscape, and geopolitical tension, remains to be seen. Meanwhile, key drivers of reaccelerating growth such as a workflow-based pricing paradigm, recent/upcoming workflow improvements, multiomic capabilities all remain in their early innings. As such, we remain on the sidelines pending clarity around these dynamics and maintain our EW rating.