In addition to a steep slide in the company's share price, Raymond James lowered its rating for Cepheid's stock to Market Perform.
Biotech stocks fell sharply last month dragging down the GenomeWeb Index almost 8 percent.
A tumultuous August in the broader markets resulted in an 8 percent decline in the GenomeWeb Index, and a particularly bad month for the stocks of Fluidigm and Sequenom.
The broader biotech space lifted the GenomeWeb Index a fraction of 1 percent, but Foundation Medicine's stock took a 40 percent hit for the month.
The company has signed an agreement for the purchase and sale of 1,200,000 shares of common stock.
Bio-Reference Laboratories, Cepheid, Exact Sciences, and NanoString all saw their shares rise in June. Sequenom topped the list of decliners.
Quarterly earnings results that failed to meet Wall Street expectations drove down shares of Fluidigm, Sequenom, and Foundation Medicine in May.
The number of decliners in the GenomeWeb Index in April outpaced the gainers 24 to seven amid softness in the broader biotech market.
In upgrading PacBio's shares to Outperform, the investment bank also took note of potential new revenues from its Roche deal and possibly a new platform launch next year.
Sequenom paced the gainers, while PacBio saw the biggest decline in what turned out to be a choppy month for the GenomeWeb Index.
Three genetic testing companies form a coalition to influence how Congress considers genetic privacy, The Hill reports.
University of California, San Diego researchers investigate how skin care products influence the skin microbiome, Scientific American reports.
The Wall Street Journal examines billing codes used by uBiome.
In PNAS this week: links between lung adenocarcinoma and lncRNA, algorithm to impute and cluster Hi-C interaction profiles from single cells, and more.