Why Shares of Zymergen Are Plunging Today
After zooming higher yesterday, shares of synthetic-biology specialist Zymergen (NASDAQ: ZY) are moving swiftly in the other direction today. It seems that the usual suspects behind a stock's precipitous decline aren't present today. The company hasn't reported any concerning news, nor has an analyst announced a downgrade to the stock. Instead, it appears the stock's slide is the result of investors taking profits.
As of 11:54 a.m. ET, shares of Zymergen are down 8.5%, rising from their earlier decline of 11.4%.
After shares of Zymergen soared 23% yesterday, investors seem content to collect profits and run during today's trading session. Like today, there wasn't any news from the company that can be attributed to the stock's rise. If anything, it appears that news related to a synbio peer, Ginkgo Bioworks Holdings (NYSE: DNA), is the catalyst.
Source Fool.com
