TBIO - BofA lowers rating on Telesis Bio to sector weight from overweight

2023-08-11 13:18:11 ET

BofA  has lowered its rating of Telesis Bio ( NASDAQ: TBIO ) to sector weight from overweight, citing in part a slowdown in biopharma spending.

"Facing a tepid biopharma spending environment, we see limited top-line visibility," the analysts wrote in their note.

BofA also noted that the company recently secured $28M through a private placement of shares and warrants. While the deal could generate proceeds of up to $46.2M if the warrants are exercised in full, the conversion would increase the company's share count to around 60M from approximately 30M.

Telesis released its Q2 earnings report on Thursday.

More on Telesis:

Telesis GAAP EPS of -$0.28 beats by $0.05, revenue of $8.65M beats by $1.25M

Telesis Bio gets $28 million in financing through preferred stock private placement

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