Ginkgo Bioworks price target lowered to $3 from $4 at BTIG

BTIG analyst Mark Massaro lowered the firm’s price target on Ginkgo Bioworks to $3 from $4 and keeps a Buy rating on the shares. The company delivered another Q4 beat on its Biosecurity business and a shortfall in its Foundry business, the analyst tells investors in a research note. The firm cites the re-rating of multiples and reduced milestone payments for the lower target. It says Ginkgo’s 2023 guidance excludes downstream economic capture, for now, due to uncertainty on timing.