Zymergen Inc ZY is trading significantly lower Wednesday morning after the company provided a business update regarding its commercial product pipeline and financial forecast.
Zymergen announced that issues with its commercial product pipeline will impact its delivery timeline and revenue projections. The company no longer expects to generate product revenue in 2021.
“We are disappointed by these developments, and the Board and management team are focused on resolving the underlying issues to ensure Zymergen moves forward as a stronger company with a compelling operating plan,” said Jay Flatley, chairman of the board and acting CEO of Zymergen.
Price Action: Zymergen has traded as high as $52 and as low as $25.75 over a 52-week period. At last check Wednesday, the stock was down 73.90% at $9.10.
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