BofA Securities Downgrades Zymergen Inc (ZY) to Underperform
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Softbank-Backed Zymergen (ZY) Crashes Over 70% as CEO Departs, Product Revenue Not Possible in 2021 and 'Immaterial' in 2022, At Least 6 Firms Downgrade
August 4, 2021 7:14 AM EDTShares of Zymergen (NASDAQ: ZY) are down more than 70% in pre-open Wednesday after the company said it no longer expects product revenue in 2021, while the same will be immaterial in 2022.
During the quarter, several key target customers encountered technical issues in implementing Hyaline into their manufacturing processes typical of new product and process development learnings. The Company has made significant progress towards addressing these challenges and believes there are no intrinsic technical issues with Hyaline. However, this issue has resulted in a delay in the Companys commercial ramp. Zymergen is working to strengthen... More
