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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.
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.
The program is in its third year monitoring individuals with these mutations to try to detect disease early, understand their risk, and develop preventive treatments.
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 investment bank said that the company's noninvasive genomic test for melanoma detection could capture a large market currently served by invasive biopsies.
The goal of the project is to build a liquid biopsy-based early detection technology platform and develop tests for lung and digestive system cancers.
The company is using newly raised funds to support a disseminated trial model, which it said will help it keep its plans to finish the study by the end of 2021.
The company said proceeds will accelerate the ongoing FDA registrational study of its blood-based colorectal cancer screening test and further its extended pipeline.
The company was able to ramp up recruitment for its pivotal ECLIPSE trial after hurdles caused a falloff during the earlier months of the COVID-19 pandemic.
Novavax has begun a phase III trial of its SARS-CoV-2 vaccine, according to the New York Times.
Vox reports that the Trump Administration may limit student visas for individuals from some countries to two years.
The governor of New York says the state will conduct its own review of any SARS-CoV-2 vaccine, NPR reports.
This week in Science: Neanderthal Y chromosomes replaced by Homo sapiens Y chromosomes, and more.