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JP Morgan, Cowen, William Blair Initiate Coverage of Berkeley Lights

NEW YORK – Several investment banks announced they have initiated coverage of Berkeley Lights, the cell screening instrument maker that recently went public. 

JP Morgan, Cowen, and William Blair analysts all are bullish on the stock. JP Morgan analyst Tycho Peterson gave it an "Overweight" rating with a price target of $75; Cowen analyst Doug Schenkel and William Blair analyst Brian Weinstein rated it "Outperform," but did not provide a price target.

Analysts highlighted a total addressable market of more than $20 billion; strong early adoption by high-profile pharmaceutical companies, such as Pfizer; and the platform technology's ability to reduce time and cost in cell engineering.

Berkeley Lights "is now approaching an inflection point in the revenue trajectory, while also carrying an attractive margin profile with a visible path to profitability," Peterson wrote in a research note.

Analysts noted that the firm has introduced a subscription model to lower the barrier to adoption for smaller customers. Schenkel wrote that this could provide upside; however, he also noted the possibility that it may not entice smaller biopharma companies to do business with the firm.

Berkeley Lights went public in July with an upsized $178.2 million offering.

At the close of the market on Tuesday, shares of Berkeley Lights were down 3 percent at $56.42.

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