Metabolix shares fall on delay in plant start-up
March 12 (Reuters) - Shares of Metabolix Inc MBLX.O touched a life-time low Thursday, a day after the alternative energy company said production of its biodegradable plastic would be delayed to second half of 2009.
The company, which is commercializing the biodegradable plastic Mirel through its joint venture with Archer Daniels Midland Co (ADM.N: Cotización), said production would be delayed due to an ongoing review of the project by its partner to reduce product development costs.
Metabolix had previously forecast the start-up of the facility in the second quarter of 2009.
The news of delay prompted Jefferies & Co analyst Laurence Alexander to cut his price target on the stock to $9 from $14.
Shares of the Cambridge, Massachusetts-based company touched a low of $4.62 before paring some losses to trade down almost 6 percent at $5.94 Thursday on Nasdaq. (Reporting by Vidya L Nathan in Bangalore; Editing by Himani Sarkar)
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