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Solazyme +6.6% following Q4 earnings, Cowen price target raise

  • Solazyme (SZYM +6.6%) surges higher following Q4 earnings and a price target raise to $17 from $14 by Cowen analysts who see production volume ramping in the latter part of 2014.
  • The firm says SZYM's quarterly loss was "essentially in line with [its] expectations” and due to higher expenses as the company ramps up production at its plant in Clinton, Iowa.
  • Cowen says 2014 production at Clinton totaled ~500 metric tons, with three different oil-based products scaled up and a fourth underway; Mooema has completed most phases of its startup, as fermentation is running from seed train to 125K liter scale and 600K liter production fermenters should start up in March.
  • Shares also may be enjoying some spillover from a surge in biofuel and ethanol names as Pacific Ethanol (PEIX +32.5%) reports favorable news (I, II): BIOF +85.7%, CDTI +9.8%, KIOR +9.5%, REX +2.5%.
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