Morgan Stanley raised their stock price forecast on Berkeley Lights to $80 from $65, assigning an “Equal-weight” rating and said the leading digital cell biology company’s top-line earnings beat in its first quarter was driven by robust system installs to cell therapy and CRO/CDMO customers and a strong recovery in recurring revenue of the expanding installed base.
On Thursday, Berkeley Lights reported total revenue of $18.2 million for the third quarter, representing a 16% increase over the same period in 2019 and a 72% increase compared to the second quarter of 2020. That was higher than the Wall Street estimate of $15.3 million.
Berkeley Lights’ shares closed 4.59% higher at $95.00 on Friday; the stock is up over 85% since it began trading on the Nasdaq Global Select Market on July 17, 2020.
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