BNGO - DNA Stock: The Bull Call That Has Ginkgo Bioworks Bouncing Back After Last Week's Scam Accusation
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Ginkgo Bioworks (NYSE:DNA) stock is doing well on Tuesday as it recovers with new coverage from an analyst.
The coverage helping out Ginkgo Bioworks today comes from William Blair analyst Matt Larew. He kicked off coverage of the stock with an outperform rating. It’s worth noting that there’s not much coverage of DNA stock by analysts so there isn’t a consensus rating. The same is true for the price target, which Larew doesn’t include in his coverage.
So why is the William Blair analyst taking a bullish stance on DNA stock? He believes that synthetic biology has the potential to “revolutionize virtually every industry.” Larew claims that Ginkgo Bioworks’s platform will make it a long-term leader in the sector.
Today’s positive coverage of DNA stock have it bouncing back from a negative short report last week. Scorpion Capital was behind that report and went so far as to claim that the company was a scam created by hedge funds and “a snake oil salesman.” You can learn all about that at this link.
That new coverage today is translating to movement for DNA stock. As of this writing, some 10 million shares of Ginkgo Bioworks stock have changed hands. That’s approaching the company’s daily average trading volume of about 12.3 million shares.
DNA stock is up 14.3% as of Tuesday afternoon.
There’s more stock news to dive into below!
InvestorPlace has all the latest stock coverage that traders need to know about. That includes the latest concerning ESS Tech (NYSE:GWH), Robinhood (NASDAQ:HOOD), and Bionano Geonomics (NASDAQ:BNGO) shares. You can find all of that at the following links!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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