Ginkgo falls on rating cut after downbeat cell program forecast

Ginkgo Bioworks Holdings

09/11/2023 14:12

** Ginkgo Bioworks' shares  DNA.N  fall 6% to $1.40
premarket
    ** Co lowered its 2023 target on new cell programs to 80-85
from 100 and upper end of its cell engineering revenue to 150
mln from 160 mln, keeping the lower end at $145 mln 
    ** Brokerage BTIG cuts its rating on DNA from "buy" to
"neutral" after co lowered its cell program target
    ** While DNA's valuation is "not out of line" with various
small and mid-cap medical tool companies, many of those cos are
profitable - BTIG
    ** DNA posted a loss of 16 cents per share in Q3
    ** DNA's revenue of $55.4 mln beat Wall Street estimates of
$48.1 mln - LSEG
    ** 4 of 9 brokerages rate the stock "buy" or higher, 3
"hold" and 2 "sell"; their median PT is $3.40
    ** Up to Wednesday's close, stock had fallen 11.8% YTD

 (Reporting by Puyaan Singh)
 ((Puyaan.Singh@thomsonreuters.com;))