Amyris plunges after H.C. Wainwright slashes PT by 77%

Amyris

16/03/2023 12:23

** Shares of biotech firm Amyris Inc  AMRS.O  down 15.96% at
$1.00 in premarket 
    ** Brokerage H.C. Wainwright cuts AMRS PT to $5 from $22 to
reflect adjustments to its future projections  urn:newsml:reuters.com:*:nAZN14PSZA 
    ** Wainwright says adjustments were driven by factors
including purchase and sale of various assets, cost cuts and
potential growth financing needs in future
    ** Wainwright sees 2024 revenue of $415 mln, down from $634
mln it expected previously 
    ** Brokerage believes stock has been under pressure partly
due to operating costs remaining elevated through the past year 
    ** "In our opinion, the company's stock has not benefited
from the strong top-line performance as cost issues and
consequent funding needs have overshadowed that aspect of the
story" - Wainwright 
    ** 3 of 7 analysts covering the stock have a "buy" or higher
rating, 3 have "hold" while 1 rates it "sell"; median PT is
$3.10 - Refinitiv data 
    ** Stock has fallen 22.2% YTD 
    

 (Reporting by Amna Karimi in Bengaluru)
 ((Amna.Karimi@thomsonreuters.com; +91 8083261226;))