Shares of Illumina Inc. (ILMN) - Get Report soared 12% to $193.68 on Wednesday, Aug. 2, after the San Diego-based firm unveiled better-than-expected second-quarter results.

"Illumina posted a very strong second quarter, with revenue well in excess of expectations driven by strength in both product and services (sequencing consumables and microarrays drove the O/P)," wrote Evercore ISI analyst Ross J. Muken, who has a $200 price target on the stock, in a Tuesday note.

Illumina on Tuesday reported non-GAAP earnings per share of $0.82 on revenue of $662 million. Analysts polled by FactSet Research Systems had forecast, on average, non-GAAP EPS of $0.69 on revenue of $642.4 million.

Illumina updated its projects for fiscal 2017 to about 12% revenue growth. It previously projected 10% to 12%. Illumina also raised its GAAP EPS guidance to the $5.36 to $5.46 range, from $5.26 to $5.36 . Its non-GAAP EPS guidance is unchanged at $3.60 to $3.70.

Leerink Partners said in a note Tuesday morning that it had raised it price target on Illumina to $207 per share from $201 per share.

A key will be Illumina's NovaSeq, gene-sequencing technology that launched in January. Illumina said it had received more than 230 orders for NovaSeq to date and installed about 80 instruments in the quarter. The street had been anticipating  well ahead about 50 installs, according to Leerink.

"NovaSeq will emerge as the key growth driver for ILMN in late 2017 and even more importantly in 2018 - likely driving estimates even higher," Leerink's Puneet Souda wrote.

In January IBM Corp. (IBM) - Get Report and Illumina teamed up to integrate IBM's Waston supercomputer into Illumina's BaseSpace and tumor sequencing process, the companies said Monday.

Meanwhile, shares of Spark Therapeutics (ONCE) - Get Report rose 12.6% to $74.99 after the Philadelphia firm reported second-quarter numbers and announced preliminary data from the Phase 1/2 dose-escalation study of SPK-8011, a potential one-time therapy for hemophilia A.

Spark reported a $2.40 basic and diluted net loss per common share on revenue of $1.5 million.

The company also said preliminary interim data for the SPK-8011 Phase 1/2 dose-escalation clinical trial showed initial human proof-of-concept in three participants.

Among the other biotech stock movers was Endo International plc (ENDP) - Get Report , up 11.1% to $11.68. The Dublin firm is slated to release second-quarter numbers on Aug. 8.

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