EBS - Emergent Bio cut to neutral at Chardan on valuation

Emergent Biosolutions ([[EBS]] -10.9%) managed to beat consensus estimates in Q4 2020 with the quarterly and yearly revenue rising ~61.8% and ~40.6% YoY, respectively.The revenue from the contract development and manufacturing services, which made up ~29.0% of the 2020 top-line compared to only ~7.2% in the previous year rose more than five times during 2020, highlighting a clear beneficiary from the pandemic.The stock has risen ~83.5% in the past twelve-month period, far outpacing the broader market.However, noting that the outstanding performance of the CDMO business is already reflected in the company shares, Chardan Capital Markets has cut the stock to a neutral rating from buy. The price target of $112.00 per share implies a ~4.3% downside to the previous close.Citing the ~117% rise in Emergent share price since the end of December 2019, the analyst Keay Nakae thinks a further appreciation of the stock could mainly be dependent on the company’s ability to

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Emergent Bio cut to neutral at Chardan on valuation