Metabolix (Nasdaq: Mblx) shares tank after ADM calls off joint venture

Tallahassee, FL 1/13/12 (StreetBeat) -- Shares of Metabolix Inc (Nasdaq: MBLX) more than halved on Friday morning, a day after agricultural processor Archer Daniels Midland Co (NYSE: ADM) terminated a joint venture with the bio-based plastics maker.

Metabolix shares were down 56 percent to $2.64 in early trade on Friday, making it the top percentage loser on the Nasdaq.

Jefferies downgraded the company -- which makes plastics, chemicals and energy from non-food crops like switchgrass -- to "hold" from "buy," saying the termination illustrates "one of the challenges faced by the capital-intensive renewables sector."

On Thursday, ADM said it will end its relationship with Metabolix as projected financial returns were "too uncertain."

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