What In The World Is Going On With Zymergen's Stock Today?

Zymergen Inc ZY shares are trading higher, rebounding after the stock fell sharply on Wednesday. The stock dipped in the prior session after the company said it 'no longer expects product revenue in 2021, and expects product revenue to be immaterial in 2022.'

The Emeryville, California-based company founded in 2013 warned investors on Tuesday after market hours that it no longer expects to generate product revenue in 2021 and that revenue next year will be “immaterial” as it does not expect revenue from its experimental products anytime soon.

The also said co-founder and CEO Josh Hoffman is stepping down from the position and will be replaced on an interim basis by Jay Flatley, former CEO of Illumina.

Zymergen designs, engineers, and optimizes microbes for industrial applications in United States, Asia and Europe.

The company has a platform that treats the genome as a search space, to identify genetic changes that improve the economics for its customers' bio-based products for a range of industries, including chemicals and materials, agriculture and pharmaceuticals. 

Zymergen has a 52-week high of $52 and a 52-week low of $7.85.