The Surprising Reason Zymergen Stock Is Soaring Today
Zymergen (NASDAQ: ZY) stock is racing today, trading up 15.4% as of 3:05 p.m. EDT. If you try to look up news about Zymergen, all you'd see is a flurry of class action lawsuits against the company. So what's brewing?
Zymergen stock collapsed on Aug. 4 after the company stunned the market with an update that said, among other things, it doesn't expect to generate any revenue in 2021 and barely any next year as well.
It was a huge shocker given that barely months ago, when Zymergen went public through an initial public offering (IPO), it outlined an ambitious future for itself. The company even said that its sole product, Hyaline -- used to manufacture foldable touchscreens for smart devices -- should start generating sales this year.
Source Fool.com
