BTIG downgraded Ginkgo Bioworks to Sell from Neutral with a 50c price target after Ginkgo delivered what the firm calls “its third consecutive tough quarter.” Ginkgo no longer has conviction that its key “cell program add” metric is highly correlated to revenue growth, making it difficult to model how new cell program adds will flow into revenue growth in 2024, 2025, and beyond, the analyst tells investors. The firm, which adds that it is “increasingly concerned by the changes to DNA‘s newer strategy,” says it lacks visibility on how to model the business given the strategic change to it.
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