UPDATE: Solazyme (SZYM) Shares Continue Seeing Pressure from Analyst Downgrade
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(Updated - July 5, 2012 1:48 PM EDT)
Solazyme (Nasdaq: SZYM) shares continue to trade at intraday lows following a downgrade by Raymond James earlier. The firm now rates the stock a Market Perform, down from Outperform previously.
Raymond James pointed out Solazyme is the only stock in the sector which is higher this year, leading to "easily the highest multiple." The firm said with most of the stocks in the group private, valuing Solazyme accurately "can be a somewhat academic/arbitrary exercise."
Raymond James suspended its previous $14 price target.
Shares are off over 10 percent, outpacing its peers by a wide margin.
Implied volatility is up 19 percent from the close Tuesday and is at 108 percent of its trailing daily average.
Of note, shares are approaching their 100-day SMA level at $12.33.
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Solazyme (Nasdaq: SZYM) shares continue to trade at intraday lows following a downgrade by Raymond James earlier. The firm now rates the stock a Market Perform, down from Outperform previously.
Raymond James pointed out Solazyme is the only stock in the sector which is higher this year, leading to "easily the highest multiple." The firm said with most of the stocks in the group private, valuing Solazyme accurately "can be a somewhat academic/arbitrary exercise."
Raymond James suspended its previous $14 price target.
Shares are off over 10 percent, outpacing its peers by a wide margin.
Implied volatility is up 19 percent from the close Tuesday and is at 108 percent of its trailing daily average.
Of note, shares are approaching their 100-day SMA level at $12.33.
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