UPDATE: Jefferies & Company Reiterates Hold Rating, Lowers PT on Metabolix

In a report published Friday, Jefferies & Company reiterated its Hold rating on Metabolix

, but slightly lowered its price target from $2.20 to $1.50. Jefferies noted, “We expect the technology value of Metabolix's PHA IP to continue to be masked by uncertainty as to what economics it may be able to capture on manufacturing partnerships, as well as whether a step up in its cash burn will be required to move biochemical partnerships to commercialization. We reiterate our Hold rating.” Metabolix closed on Thursday at $1.32.