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Along with the downgrade, the investment bank also lowered its December 2021 price target for Illumina from $390 to $280.

The investment banking firm forecast Fiscal Year 2021 revenues of $235.6 million, higher than the consensus Wall Street estimate of $178.4 million.

BTIG put a $20 target price on Genetron's shares, while Canaccord Genuity is targeting $19 per share for the Chinese genomics and cancer diagnostics firm.

The investment bank said that Exact's Cologuard test continues to gain market share, and that its alternatives are largely invasive and inferior.

The investment bank cut its price target on Quest's shares and noted recently passed legislation that it believes will put pricing pressure on the company. 

Gainers in the index outpaced the decliners 19 to nine, and the index outpaced the Dow Jones Industrial Average and Nasdaq Biotechnology Index but lagged the Nasdaq.

The investment bank gave PerkinElmer an Outperform rating with a $114 stock price target and Hologic an In Line rating with a $55 stock price target.

BTIG gave Centogene a Buy rating, while SVB Leerink and Evercore ISI each gave the company an Outperform rating. 

The investment banks cited the company's access to proprietary technology and the potential $5 billion market for Exagen's testing options as reasons for its Outperform rating.  

The investment bank gave Danaher a Neutral rating and a $148 price target on the firm's shares, while it gave Agilent an Overweight rating with an $83 price target.

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