JPMorgan Upgrades Zymergen Inc (ZY) to Neutral

JPMorgan analyst Tycho Peterson upgraded Zymergen Inc (NASDAQ: ZY) from Underweight to Neutral.

The analyst comments "Monday morning, Ginkgo Bioworks (DNA) announced that it will acquire ZY in an all-stock transaction valued at ~$300M. The deal is expected to close by 1Q23. ZY also announced it will be reducing its workforce by ~80 employees and gave minimal product portfolio updates including pausing the Z-1 program with Sumitomo due to lack of demand. All in, in light of the deal we are moving from an Underweight rating to Neutral. We do not have a PT on ZY."

For an analyst ratings summary and ratings history on Zymergen Inc click here. For more ratings news on Zymergen Inc click here.

Shares of Zymergen Inc closed at $2.32 yesterday.

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