UPDATE: Goldman Sachs Downgrades Zymergen Inc (ZY) to Neutral
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Goldman Sachs analyst Matthew Sykes downgraded Zymergen Inc (NASDAQ: ZY) from Buy to Neutral with a price target of $12.00 (from $55.00).
The analyst comments "We downgrade shares of ZY to Neutral from Buy as we meaningfully reduce our FY21-23E revenue to reflect management’s announced delays to Hyaline’s commercial launch and potential resizing of the market opportunities. This follows Zymergen’s 8/3 business update about its commercial product pipeline and financial expectations. We also lower our 12-month price target to $12 from $55."
Shares of Zymergen Inc closed at $34.83 yesterday.
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