Ginkgo Bioworks (NYSE:DNA) Shares Gap Up – Should You Buy?

Ginkgo Bioworks Holdings, Inc. (NYSE:DNA)’s share price gapped up before the market opened on Wednesday . The stock had previously closed at $8.56, but opened at $9.15. Ginkgo Bioworks shares last traded at $9.82, with a volume of 318,456 shares trading hands.

Analyst Ratings Changes

Separately, TD Cowen lifted their target price on shares of Ginkgo Bioworks from $3.00 to $10.00 and gave the company a “buy” rating in a research report on Friday, September 20th. Three investment analysts have rated the stock with a sell rating, one has assigned a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $4.58.

Ginkgo Bioworks Stock Up 10.4 %

The firm has a market cap of $543.18 million, a PE ratio of -0.72 and a beta of 1.09. The company has a fifty day moving average of $9.20.

Institutional Investors Weigh In On Ginkgo Bioworks

A number of hedge funds have recently made changes to their positions in the business. Point72 Asia Singapore Pte. Ltd. increased its stake in shares of Ginkgo Bioworks by 644.5% in the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 32,319 shares of the company’s stock worth $263,000 after buying an additional 27,978 shares during the period. FNY Investment Advisers LLC increased its stake in shares of Ginkgo Bioworks by 125.6% in the fourth quarter. FNY Investment Advisers LLC now owns 75,966 shares of the company’s stock worth $745,000 after buying an additional 42,298 shares during the period. Verition Fund Management LLC purchased a new position in shares of Ginkgo Bioworks in the third quarter worth $792,000. Algert Global LLC purchased a new position in shares of Ginkgo Bioworks in the second quarter worth $36,000. Finally, Wellington Wealth Strategies LLC. purchased a new position in shares of Ginkgo Bioworks in the second quarter worth $41,000. 78.63% of the stock is currently owned by institutional investors.

Ginkgo Bioworks Company Profile

Ginkgo Bioworks Holdings, Inc, together with its subsidiaries, develops platform for cell programming in the United States. Its platform is used to program cells to enable biological production of products, such as novel therapeutics, food ingredients, and chemicals derived from petroleum. It serves pharma and biotech, agriculture, industrial and environment, food and nutrition, consumer and technology, and government and defense industries.