Why did Ginkgo Bioworks stock pop up today? Sensible Bio tie-up
Apr. 06, 2023 4:31 PM ETGinkgo Bioworks Holdings, Inc. (DNA)By: Dulan Lokuwithana, SA News Editor4 Comments
solidcolours/iStock via Getty Images
- Ginkgo Bioworks (NYSE:DNA) shares added ~9% on Thursday as its new-found partner Sensible Biotechnologies announced millions worth of pre-seed funding close on the heels of its recent-tie up with the cell platform company.
- The investment worth $4.2M led by BlueYard Capital comes days after Sensible announced a collaboration with Ginkgo (DNA) to develop an in-vivo alternative to conventional in vitro mRNA production technology.
- "We are thrilled to be backed by BlueYard Capital and its co-investors and build Sensible Biotechnologies with their support," CEO and Co-Founder Miroslav Gasparek remarked.
- The company intends to use the funds to optimize and scale its mRNA manufacturing platform and mRNA design capabilities.
- Read: Ginkgo (DNA) has lost more than 61% over the past 12 months. However, Seeking Alpha contributor Richard Durant reaffirmed his Hold rating on DNA in March, noting that despite its modest valuation, "a lack of growth and large losses in 2023 are likely to pressure the stock."