Jefferies Reiterates Hold on Verenium Corporation, Reduces PT to $2.20

Jefferies reiterated its Hold rating on Verenium Corporation VRNM. At the same time, Jefferies lowered its price target on the company's stock from $2.95 to $2.20. In a research report published today, Jefferies stressed the company needs to resolve capital constraints problems in order for its stock to start adding value. In the report, Jefferies states, "Verenium's analyst day highlighted growth prospects, and sketched a more credible path to profitability (late-2013). Until capital constraints are addressed, however, the shares could remain range-bound at a sharp discount to their peers." On Tuesday, Verenium lost 1.46% of its value to close the day at $2.04.