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JP Morgan

According to some analysts, the selloff in IVD company shares may be an overreaction, and SARS-CoV-2-related testing will be needed for some time in the future. 

The investment bank also moved the company's stock price target to $45 from a prior target of $25 and noted several recent acquisitions by Invitae.

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.

JPM moved to an Overweight rating on both companies from a Not Rated designation assigned during a restriction period as Thermo Fisher's potential acquisition of Qiagen played out.

The offering consists of 8 million shares at an offering price of $40 per share, of which 2 million are being sold by a shareholder.

The Seattle-based immune sequencing firm will not receive any proceeds from the sale of the shares.

The immune sequencing firm announced preliminary full-year 2019 revenues in the range of $84 million to $85 million, an increase of approximately 52 percent.

Abbott highlighted its next-generation Alinity platforms, and Caris discussed its plans to provide precision oncology services.

On Monday Qiagen reiterated its preliminary 2019 earnings figures and addressed an investor's wrath, while Guardant Health highlighted its cancer testing plans.

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