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

|By:, SA News Editor

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%.