Is There Any Hope for Illumina Stock?

With shares of Illumina (NASDAQ: ILMN) down 37% over the last 12 months and underperforming the market over the last five years, shareholders have had a rough time. As of April 3, regulators in the U.S. were rebuffing its acquisition of Grail, a cancer-testing company that it originally founded and spun off. While some competitors make devices that do the same thing as Illumina's products, there's certainly no rising star anywhere in sight that could take its place.