UPDATE: Piper Jaffray Downgrades Metabolix to Underweight (MBLX)

Piper Jaffray is out with its report today on Metabolix MBLX, downgrading MBLX from Neutral to Underweight. In a note to clients, Piper Jaffray writes, "We are lowering our rating on shares of MBLX to Underweight and taking our price target to $7 following a 1Q11 print that was in-line with our estimates. On the call, management announced another delay in achieving a key milestone that occurs when the millionth pound of bio-plastic is sold - the milestone is delayed until late 2H11 (vs our 2Q11 expectations). As a result, the $9 million per quarter rate of cash burn will continue for several more quarters. The delay also further obfuscates the profitability of the Telles joint venture. Progress on the plant science and chemical platforms is encouraging, but visibility into commercialization remains unclear." Shares of MBLX closed Wednesday at $9.11, down 2.77% from Tuesday's close.