UPDATE: Jefferies Color on Metabolix PT Decrease

Jefferies, which lowered its PT on shares of Metabolix, Inc. MBLX, is providing some color on the stock. “Metabolix priced a secondary offering of 6.2m common shares at $7.25/ share for $44.9m gross proceeds,” Jefferies writes. “A 30-day 15% over-allotment would increase the offering to 7.1m shares with $51.7m in gross proceeds, and increase accretion to $0.19 to loss per share. The offering is expected to close on May 24. “To reflect the 6.2m higher share count, we are lowering our estimate for a 2011E loss per share by $0.15 to ($1.20).” Metabolix closed Friday at $8.01.