Piper Jaffray Neutral On Shares Of Metabolix, Lifts Pirce Target (MBLX)

Piper Jaffray is remaining Neutral on shares of Metabolix (NASDAQ: MBLX) but is raising its price target to $16 from $13 after the company reported earnings yesterday.In a note to clients, Piper Jaffray writes, "Bioplastic production continued its measured ramp-up at Metabolix's joint venture facility in 2Q; however, one million cumulative pounds of product sold is not expected until later in the year, which is a couple quarters behind our expectations. Operating results for the quarter were generally in line with our expectations, with a cash burn of $7.4 million. This level of cash burn will likely continue in 2H10. Metabolix continues to make progress on its other crop & chemical platforms. We are lifting our price target to $16 but we are maintaining our Neutral rating."Shares of Metabolix are being hit hard this morning, trading at $14.48, down $2.01.Strong Buy Stocks That Have Tripled the Market. See them for free.