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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.
The company recently had a second pre-submission with FDA and expects to begin a prospective trial of its test in the second half of this year.
The expanded test can be used for genotype risk-based patient monitoring to prevent over-treatment, BD has said.
The company enters a race to the clinic with several direct competitors, including Guardant Health and CellMax Life, as well as other firms pursuing multi-cancer screening.
Investigators reported on detection rates for cancers and precancers in a group of 350 individuals presenting for standard of care colonoscopy.
The company said the funds will support the continued development and commercialization of its genome-wide methylation assay for multi-cancer early detection.
AstraZeneca has released its coronavirus vaccine trial protocol, according to the New York Times.
Time magazine looks into how liquid biopsies are changing cancer care.
According to the Guardian, more than 150 countries have signed on to a global SARS-CoV-2 vaccine plan.
In PNAS this week: similar muscle protein patterns across hypertrophic cardiomyopathy phenotypes, analysis of gene expression and brain anatomy in major depression, and more.