Ginkgo Bioworks Holdings nyse Dna Shares Tumble on Goldman Sachs' Bearish Research Note

Ginkgo Bioworks Holdings (NYSE: DNA) Shares Tumble on Goldman Sachs’ Bearish Research Note

Ginkgo Bioworks Holdings, Inc. (NYSE: DNA) plunged over 3% on Friday. The drop in stock price came after investment analysts at The Goldman Sachs Group issued a research report, giving the biotech company a “sell” rating.

The analysts at Goldman Sachs have set a new price objective of $1.25 for the stock, which is down from their previous target of $3.00. If the Goldman Sachs Group’s target price is reached, it would mean a potential downside of 25.82% from the stock’s previous closing price.

This recent report from Goldman Sachs is not the only one signaling a potential concern. Other research firms have also released reports on Ginkgo Bioworks. Raymond James reduced their price objective from $6.00 to $5.00 but maintained an “outperform” rating for the company back in March. William Blair downgraded Ginkgo Bioworks from an “outperform” rating to a “market perform” rating in May.

BTIG Research also adjusted its target price for Ginkgo Bioworks, lowering it from $4.00 to $3.00 in March.

Overall, out of the six analysts who have assessed the stock, one has given it a “sell” rating. Two analysts have provided a “hold” rating, while three analysts have assigned a “buy” rating. According to MarketBeat, the consensus rating for Ginkgo Bioworks is currently “Hold,” with an average target price of $4.10.