As previously reported, Raymond James analyst Rahul Sarugaser downgraded Ginkgo Bioworks to Market Perform from Outperform with a price target of $2.50, down from $3.50, yesterday morning. The company’s Q3 earnings included a downward revision in its FY23 guidance for new program additions and cell engineering revenue that materially impacts the firm’s rNPV of equity and royalties calculation, the analyst tells investors.
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