William Blair downgraded Ginkgo Bioworks to Underperform from Market Perform without a price target. The firm says there were a lot of moving pieces in the Q1 update. The Cell Engineering miss and guidance cut is indicative of the disconnect between guidance and performance in Ginkgo’s history as a public company, the analyst tells investors in a research note. The firm does not have confidence in the company’s ability to hit its targets.
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