B.Riley FBR analyst Carter Driscoll maintained a Buy rating on Amyris (AMRS) today and set a price target of $8. The company’s shares opened today at $4.42.
Driscoll commented:
“Amyris (AMRS – Buy, $8 PT) significantly missed our 3Q18 revenues ($14.9M, vs. our $53.8M estimate), adjusted gross margin (55.2%, vs. 72.1%), and adjusted EBITDA (–$27.2M, vs. our $8.0M). The primary culprit was the lack of any Vitamin E royalties, at a 100% margin, in the quarter, as partner Royal DSM appears to be engaged in a price war in China; AMRS has little visibility as it gets its royalties in arrears. The retail price for Vitamin E does not typically vary much from the market price; but, in this case, it did and, under the terms of the royalty deal, resulted in no payments. In addition, there were some collaborations that did not close in 3Q and $2.5M in collaboration revenue that was deferred into 4Q. The result was a very poor quarter and one that took us by surprise.”
According to TipRanks.com, Driscoll is ranked 0 out of 5 stars with an average return of -8.8% and a 31.8% success rate. Driscoll covers the Industrial Goods sector, focusing on stocks such as Ballard Power Systems, Amer Superconductor, and Canadian Solar Inc.
Currently, the analyst consensus on Amyris is a Moderate Buy with an average price target of $9.50, implying an 114.9% upside from current levels. In a report released today, H.C. Wainwright also maintained a Buy rating on the stock with a $11 price target.
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Based on Amyris’ latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of $1.47 million. In comparison, last year the company had a GAAP net loss of $33.86 million.
Based on the recent corporate insider activity of 41 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of AMRS in relation to earlier this year.
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Amyris, Inc. is an industrial biotechnology company, which engages in the provision of bioscience solutions. It focuses on the research, development, manufacture, and sale of fuels and farnesene-derived products. Its products include cosmetics, flavors and fragrances, performance materials, diesel, jet fuel, and lubricants. The company was founded by Jack D.
