You may find more results for this query on our sister sites: GenomeWeb and Precision Oncology News.
The deal builds on a non-exclusive partnership signed in January 2019 and PierianDx will now support three more Illumina cancer sequencing assays.
The health IT and precision oncology arm of Patrick Soon-Shiong's NantWorks conglomerate narrowed its quarterly net loss by 32 percent during the quarter.
PierianDx will integrate its cancer profiling assays with Pillar Biosciences' PiVAT bioinformatics pipeline on a GPDR-compliant platform.
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.
Shares of Illumina fell in afternoon trading on the Nasdaq following a brief rise after the market open.
The company is selling 4,166,666 shares of its common stock at a price of $60 per share in the offering, which is expected to close Sept. 15.
NantHealth's net loss more than tripled in the second quarter, though it continues to build up its cash reserves.
The sequencing-based test for minimal residual disease can be use with blood and bone marrow samples in patients with chronic lymphocytic leukemia.
BlackRock, the world's largest investment manager, led the round, joined by new investors Deerfield Management and Moore Strategic Ventures as well as existing investors.