Zymergen (NASDAQ: ZY) stock got slammed this morning and had plunged 76% at 11:25 a.m. EDT, thanks to some jarring updates coming in from the "biofacturing" start-up that went public just this past April via an initial public offering (IPO) , whose stock made a stellar debut on the day of listing.
Zymergen's sole product is staring at a bleak future, management suddenly isn't sure about the size of its target addressable market, and its CEO has stepped down abruptly. All in a day's time.
Ouch.
For further details see:
Why Zymergen Stock Is Plunging 76% Today