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Zymergen Can Thank Cathie Wood For Its Head-spinning Turnaround

by finance.yahoo.com posted 1month ago 26 views
(Bloomberg) -- Zymergen Inc. rallied as much as 87% from Wednesday’s record rout after one of Cathie Wood’s Ark Investment Management LLC funds scooped up shares. The buying occurred amid Wednesday’s jaw-dropping 76% retreat, a record drop that took the shares to the lowest since its April IPO after the company pulled its forecast for 2021 sales and announced the departure of the chief executive and co-founder. Zymergen said it was working to restore investor trust, but Wall Street piled on the criticism and stock downgrades.