- Cathie Wood found an opportunity to rise as much as 87% after Zymergen Inc. scooped up its shares one of Zymergen Inc. funds.
The buying occurred amid Wednesday's 76% retreat, a record slide that took the synthetic biology company to its lowest since its April debut, after the firm announced its forecast for 2021 sales and pulled the CEO of the company. Despite the rebound, the stock is more than 50% down since going public at $31 a share.
Zymergen said it's working to restore investor trust after customers were running into trouble getting its bioprocessed film meant for use in items like foldable mobiles integrated into their manufacturing processes. However, skepticism has grown among Wall Street analysts. Matt Larew, who downgraded the stock to neutral, said its credibility was 'destroyed'.
The company triggered a trading halt at the market open after word that the retail-trading guru's ARK Genomic Revolution Fund, which trades as ARKG, snapped up 2.47 million shares. Thursday's gains meant Emeryville, California-based company followed up its worst day of market losses with its largest one-day gain.
The ARKG ETF has been down about 5% so far this year with some of the fund's biggest bets such as Teladoc Health Inc. Exact Sciences Corp. and Vertex Pharmaceuticals Inc. posting double-digit declines?
Other high profile Zymergen backingers include the SoftBank Vision Fund LP with about 27% stake as of April 26, according to Bloomberg data, as well as the Singapore's sovereign wealth fund GIC Pte Ltd and U.K. fund behemoth Baillie Gifford Co.
Zymergen has four hold ratings and two sell recommendations, according to Bloomberg's data. Nobody currently rates it a buy, compared to six such calls last week.