UPDATE: Jefferies & Company Reiterates Hold Rating, Lowers PT on Verenium Corporation
In a report published Monday, Jefferies & Company reiterated its Hold rating on Verenium Corporation (NASDAQ: VRNM), but lowered its price target from $4.10 to $3.00.
Jefferies noted, “We expect Verenium to remain range-bound into 1H13 until a consistent retrenchment in the company's cash burn is visible, coupled with successful launches of the next-generation products in its innovation pipeline. While the technology position appears under-appreciated, additional partnerships may be needed to materially shift the profile. We reiterate our Hold rating.”
Verenium Corporation closed on Friday at $2.63.
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