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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 firm is offering an additional 500,000 shares of Class A stock, bringing the total to 4 million shares, offered at $110 per share.
The single-cell and spatial genomics firm is seeking to raise more money from the markets a year after its $410.8 million IPO.
JPM moved to an Overweight rating on both companies from a Not Rated designation assigned during a restriction period as Thermo Fisher's potential acquisition of Qiagen played out.
Wall Street analysts are bullish on the firm's cell selection platform technology, which could find a total addressable market of more than $20 billion.
The Emeryville, California-based instrument maker expects to raise $178.2 million after offering 8.1 million shares at $22 per share.
The offering consists of 8 million shares at an offering price of $40 per share, of which 2 million are being sold by a shareholder.
The firm is offering approximately 3 million shares and said it may use a portion of the proceeds to acquire, license, or invest in complementary businesses or products.
The genomics firm is expecting major revenue decreases in every geographic region but sees signs of hope that business can pick up again later in the year.
The Lancet has made changes to its peer-review process in response to its recent retraction of a COVID-19-related paper, Science reports.
The New York Times reports that a series of emails show how Department of Health and Human Services officials sought to silence the Centers for Disease Control and Prevention.
A new initiative aims to move Australia's genome sequencing labs onto one system, the Sydney Morning Herald reports.
In PLOS this week: recessive mutation tied to early-onset dilated cardiomyopathy, epigenetic analysis of lung adenocarcinoma, and more.