BTIG lowered the firm’s price target on Ginkgo Bioworks to 20c from 50c and keeps a Sell rating on the shares. The analyst thinks the recent move lower in the shares is in part a continued selloff in valuation as investors grapple with recently announced changes to the company’s commercial monetization strategy. It is difficult to model how new cell program adds will flow into revenue growth in 2024, 2025, and beyond, the analyst tells investors in a research note.
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