Amyris +12.6% as CEO says on track to achieve profitability in 2015

|By:, SA News Editor

Amyris (AMRS +12.6%) shoots higher despite missing Q1 earnings and revenue estimates, as CEO John Melo says the company is on track to become cash flow positive during H2 2014 and profitable in 2015.

During this morning's earnings call, Melo said AMRS has resumed industrial production at the Brotas refinery in Brazil following planned maintenance and facility upgrades, and said the plant already achieved fermentation superior to last year's best fermentation runs.

Melo also said AMRS now has more than 10 different partners and expects to add additional partners later this year.

However, Cowen cuts its price target to $3 from $3.50, saying visibility remains low after Q1 results and 2014 outlook.