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Instrument revenues for the Menlo Park, California-based sequencing firm fell due to the COVID-19 pandemic, but consumables sales grew 16 percent.
The synbio company offers scale and lower costs in "massive" end markets, SVB Leerink analysts said, and could soon command an even more attractive valuation.
The investment bank also raised its price target for the company to $15, based on PacBio's strategic plan to commercialize its long-read Sequel II system.
Along with the downgrade, the investment bank also lowered its December 2021 price target for Illumina from $390 to $280.
The investment banking firm forecast Fiscal Year 2021 revenues of $235.6 million, higher than the consensus Wall Street estimate of $178.4 million.
BTIG put a $20 target price on Genetron's shares, while Canaccord Genuity is targeting $19 per share for the Chinese genomics and cancer diagnostics firm.
The investment bank said that Exact's Cologuard test continues to gain market share, and that its alternatives are largely invasive and inferior.
The GenomeWeb Index fell 2 percent, outperforming the Nasdaq Biotechnology Index but doing worse than the Dow Jones and the Nasdaq.
The investment bank gave PerkinElmer an Outperform rating with a $114 stock price target and Hologic an In Line rating with a $55 stock price target.
BTIG gave Centogene a Buy rating, while SVB Leerink and Evercore ISI each gave the company an Outperform rating.
Russia says its candidate SARS-CoV-2 vaccine has a very high efficacy rate in an initial analysis of clinical trial data, according to the Financial Times.
Wired reports on a microbial analysis of sketches drawn by Leonardo DaVinci.
A new survey explores coronavirus vaccine hesitancy among Black and Latino individuals, the Washington Post reports.
In Nucleic Acids Research this week: the Aging Atlas database, a database of human metagenome-related metadata, and more.