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Merrill keeps Martek at neutral
Martek Biosciences Corp. remained at neutral by Merrill Lynch analyst David Munno as the restructuring of its plan operations and migrating its internal manufacturing to its more efficient facility reduced the cost structure for the company. The move should improve Martek's gross margin by 300 bp by effectively shifting the idle facility charge to the lower cost Winchester facility. However, the restructuring reduces capacity and suggests that the launch and ramp of DHA for food sales will be slower than the Street expects. Shares of the Columbia, Md.-based pharmaceutical company were down 14 cents, or 0.57%, at $24.28. (Nasdaq: MATK)
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