FTSE 250 (MCX)

LONDON (ShareCast) - (Sharecast News) - Deutsche Bank downgraded Oxford Biomedica to 'hold' from 'buy' on Tuesday and slashed the price target to 595p from 800p as it revisited the investment case following the "disappointing" first-half trading update.
"While demand appears healthy, slower revenue conversion, programme delays and operational issues at Durham have materially reduced FY26 expectations and weakened visibility, particularly given the proximity to the June Capital Markets Day," it said.

"Despite a more supportive valuation (circa 3x EV/Sales), the burden of proof has shifted firmly towards execution."

Deutsche said it was reducing FY26/FY27 revenue estimates by around 20%, with a materially greater impact on EBITDA and earnings per share.

At 1430 BST, the shares were down 1.6% at 485p.