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.

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.