Zymergen (NASDAQ:ZY) Shares Gap Down to $13.40

Zymergen Inc. (NASDAQ:ZY)’s share price gapped down before the market opened on Monday . The stock had previously closed at $13.40, but opened at $13.00. Zymergen shares last traded at $13.03, with a volume of 8,668 shares.

A number of research analysts have commented on the stock. Citigroup cut shares of Zymergen from a “buy” rating to an “underperform” rating and decreased their target price for the company from $43.00 to $7.00 in a research report on Wednesday, August 4th. William Blair downgraded Zymergen from an “outperform” rating to a “market perform” rating in a report on Wednesday, August 4th. The Goldman Sachs Group downgraded Zymergen from a “buy” rating to a “neutral” rating and reduced their target price for the company from $55.00 to $12.00 in a report on Wednesday, August 4th. Zacks Investment Research raised Zymergen from a “sell” rating to a “hold” rating in a report on Wednesday, July 28th. Finally, UBS Group cut Zymergen from a “buy” rating to a “neutral” rating and dropped their price target for the company from $56.00 to $13.00 in a research report on Tuesday, August 31st. Four equities research analysts have rated the stock with a sell rating and five have issued a hold rating to the company. Based on data from MarketBeat.com, Zymergen has an average rating of “Hold” and an average price target of $9.83.

The company’s 50 day simple moving average is $18.06. The company has a quick ratio of 11.59, a current ratio of 11.71 and a debt-to-equity ratio of 0.14.

Several large investors have recently added to or reduced their stakes in the stock. Citigroup Inc. acquired a new position in Zymergen during the second quarter worth approximately $50,000. Royal Bank of Canada acquired a new position in Zymergen during the second quarter worth approximately $51,000. Ameritas Investment Partners Inc. acquired a new position in Zymergen during the second quarter worth approximately $59,000. Legal & General Group Plc bought a new stake in shares of Zymergen during the second quarter worth approximately $64,000. Finally, Pinz Capital Management LP bought a new stake in shares of Zymergen during the second quarter worth approximately $96,000. 51.00% of the stock is currently owned by institutional investors and hedge funds.

Zymergen Company Profile (NASDAQ:ZY)

Zymergen Inc 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.

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