Martek maintained at sell by Merrill

Martek Biosciences Corp. was maintained at a sell rating with a price target of $33.33 by Merrill Lynch analyst David Munno. Merrill Lynch said it believes Martek's stock still is overvalued and its valuation and long-term growth rate assumes management will deliver on current high expectations, especially in the food business. Merrill Lynch also said its long-term picture looks troubling due to competition emerging with fish oil omega-fatty acid supplemented yogurt. Additional food partnership deals are needed in the next six to 12 months for the stock to move positively, Merrill Lynch said. Shares of the Columbia, Md.-based biopharmaceutical company were down $0.29, or 0.87%, at $33.04 on volume of 600,494 shares versus the three-month running average of 787,715 shares.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.