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The latest news on next-generation sequencing.
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.
The tests will be developed to identify NSCLC patients with ALK fusions and EGFR Exon20 insertion mutations who respond to mobocertinib or brigatinib.
Shares of Illumina fell in afternoon trading on the Nasdaq following a brief rise after the market open.
The Medicare Administrative Contractor will cover ctDNA tests if the patient has a personal history of colorectal cancer.
Some of the firms will receive money to speed up test development, while others will use the funds to expand their testing and manufacturing capacity.
Created by BloodPAC members, the resource may serve as a set of generic analytical protocols to help define industry standards for developing liquid biopsy tests.
The society recommends routine use of multigene NGS for a handful of metastatic cancers, as well as in the context of clinical trials at academic centers.
The assay uses RT-PCR and next-generation sequencing to detect coronavirus SARS-CoV-2 nucleic acids from upper respiratory nasal specimens.