You may find more results for this query on our sister sites: GenomeWeb and Precision Oncology News.
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.
In 2018 Qiagen purchased a 19.9 percent stake in Ann Arbor, Michigan-based NeuMoDx along with the right to acquire the remaining shares.
Shares of Illumina fell in afternoon trading on the Nasdaq following a brief rise after the market open.
LabCorp also entered into a lab services relationship with the healthcare system, through which it will provide reference testing for all the system's facilities and clinics.
The deal consists of cash, Bionano common stock, and assumption of liabilities. Bionano has also paid off $1.1 million loaned to Lineagen under the CARES act.
Qiagen shareholders tendered only 47 percent of the firm's issued and outstanding shares by Monday's deadline, short of the two-thirds minimum needed to complete the deal.
NantHealth's net loss more than tripled in the second quarter, though it continues to build up its cash reserves.
Coastal Genomics owns the Ranger gel electrophoresis technology to collect specific DNA target sizes, with applications in noninvasive prenatal testing and oncology.