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Grail

The investment firm said that Grail's revenue trajectory is uncertain, and given the firm's operating loss, it will significantly dilute Illumina's earnings.

Along with the downgrade, the investment bank also lowered its December 2021 price target for Illumina from $390 to $280.

Illumina thinks the next-generation sequencing cancer testing market will grow to $75 billion over the next 15 years, driven by screening.

The deal, which was approved by the boards of directors of both companies, is expected to close in the second half of 2021, pending customary conditions.

Shares of Illumina fell in afternoon trading on the Nasdaq following a brief rise after the market open.

dna strand image

In its IPO prospectus, the company shared plans to broaden the use of its methylation technology from cancer screening to diagnostics and residual disease monitoring.

The company is developing a blood-based test to detect more than 50 cancer types across all stages and identify a tumor's tissue of origin.

The company said the funds will support the continued development and commercialization of its genome-wide methylation assay for multi-cancer early detection.

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The US Food and Drug Administration is to announce stricter standards for emergency authorizations of SARS-CoV-2 vaccines, reports the Washington Post.

The Associated Press reports Johnson & Johnson is starting a late-stage clinical trial of its candidate SARS-CoV-2 vaccine.

Bloomberg reports the budget of Operation Warp Speed is actually $18 billion, higher than the number typically cited.

In Genome Research this week: genomic analysis reveals role of super-spreaders in SARS-CoV-2, epigenetic drivers of cancer, and more.