The bank previously had an Outperform Rating on PerkinElmer, and it also lowered its price target for the firm's stock to $150 per share from $175 per share.
Executive appointments, promotions, and departures in the omics and molecular diagnostics space for the week of June 27, 2022.
The Wall Street Journal reports that the US Food and Drug Administration may soon allow clinical trials that involve transplanting pig organs into humans.
The Dow Jones Industrial Average was down 7 percent, and the Nasdaq was down 9 percent, though the Nasdaq Biotech Index was up 1 percent.
The Finnish firm will also use the money to build a quality control system so labs can validate their research pipelines.
The agency had originally planned to delete unspecified diagnosis codes for certain cancer tests covered under a national coverage decision.
The test detects variants in the POMC, PCSK1, and LEPR genes to identify individuals eligible for treatment with Rhythm Pharmaceuticals' recently approved Imcivree.
The companies will build a diverse research cohort with multiomics data and apply AI as they seek to improve diagnostics and advance drug discovery.
The firm also plans to submit the assay to the US Food and Drug Administration for Emergency Use Authorization in the coming weeks.
The company has already launched a skin microbiome test for the consumer market and is now turning to diagnostics.
The Associated Press reports that Swedish prosecutors are appealing the sentence given to a surgeon once lauded for transplanting synthetic tracheas but then convicted of causing bodily harm.
The acquisition will support continued product innovation in automated life science instruments and expansion into new geographies.
The PCR-based assay uses an extraction-free multiplex reagent to test orthopoxvirus and monkeypox gene targets in skin lesion samples.
The San Jose, California-based infectious disease diagnostics company said it will use the funds to scale its production capacity and to add to its menu of tests.
The company plans to test and share genetic health risk data with 100,000 participants and their providers, aiming to improve patient care and outcomes.
The Wall Street Journal reports that prosecutors allege that the co-founder of a biotech arranged to have a business associate who threatened to expose him as a fraud killed.
The deal is the second of its kind for the two companies following a 2020 partnership to investigate metagenomic markers of different IBD patient phenotypes.
Time Boost Capital has raised £30 million and will provide pound-for-pound matching funds to every Illumina Accelerator Cambridge graduate that meets certain conditions.
For PerkinElmer and SummerBio, the moves reflect weakening demand for COVID-19 testing, while the Siemens layoffs are linked to a manufacturing consolidation project.
The companies will codevelop, validate, and commercialize a companion diagnostic for Acrivon's targeted DNA damage response inhibitor therapy, ACR-368.