Down 76% From Its High, Can Ginkgo Bioworks Stock Turn Things Around?
Ginkgo Bioworks (NYSE: DNA) helps companies produce bio-engineered products that can be game changers in their respective industries. One example includes working with marijuana producer Cronos Group to help it grow cannabinoids in a lab rather than in a greenhouse or field. Ginkgo's business has many applications across industries and the company believes its total addressable market could be worth between $2 trillion and $4 trillion within a few decades.
The problem is, in the meantime, the business has been struggling and the stock is down 92% since peaking in Nov. 2021.
One thing you can't miss when looking at Ginkgo's website is the continuous stream of press releases announcing new partnerships and collaboration agreements with many businesses. One of its most recent announcements was that it would work with biotech company Visolis to help produce sustainable aviation fuel. But despite entering into many deals, the biotech company remains deeply unprofitable and even growth hasn't always been a sure thing.
Source Fool.com
