UPDATE: Piper Jaffray Maintains Neutral, Lowers PT to $3 on Metabolix

Piper Jaffray reiterates its Neutral rating on Metabolix MBLX and lowers its price target ot $3 from $5 to reflect uncertainty in commercialization following ADM's dissolution of Telles. Piper Jaffray notes, "The announcement yesterday after market close that ADM terminated their vital JV agreement with Metabolix. As part of the terms of the agreement, Metabolix retains all of the intellectual property from Telles, and ADM retains the manufacturing facility. Although the loss of the Telles JV and the commercial PHA facility in Iowa puts a high degree of uncertainty into the company's future, the company's cash balance does give management some runway to determine the best path forward." MBLX closed at $5.99 per share on Thursday.