Liberum cuts target price for Oxford Biomedica, saying it still lacks sufficient scale

For that to occur, continued contract wins would be key, they added.

They also adjusted their valuation in response to markets' attitudes towards risk so that they now only valued known customers.

Nevertheless, the impact of the macroeconomic backdrop on funding for research and development was not as negative as perceived.

The analysts also pushed through 5-15% near-term sales upgrades and now expected the Contract Development and Manufacturing Organisation to breakeven on an earnings before interest, taxes, depreciation and amortisation basis in 2023.

All told, they reiterated their 'buy' recommendation on the shares, but cut their target price from 1,390.0p to 1,010.0p.

"In our view, this is a conservative base for attractive investor returns."