Nautilus Biotechnology assumed with a Hold from Buy at Jefferies

Jefferies downgraded Nautilus Biotechnology to Hold from Buy with a price target of $3, down from $5, after assuming coverage of the name. The firm believes “durable growth stories” in the life sciences and diagnostic tools group with operating leverage, healthy free cash flow and balance sheet optionality “should be rewarded.” The analyst sees a host of headwinds for growth tools and awaits more visibility, and is upbeat on the secular growth drivers in the diagnostics space. Recent survey works points to muted next generation sequencing and proteomics budgets, the analyst tells investors in a research note.