Amyris Inc., the biotechnology company part-owned by Total SA, dropped after a downgrade by Raymond James & Associates Inc.
Amyris fell 8.1 percent to $3.52 at the close in New York. Earlier, it declined as much as 12 percent, the most intraday since Aug. 1.
The company’s discounted-cash flow multiple recently reached 111 percent, the highest level among its peers, Pavel Molchanov, a Raymond James analyst in Houston, said in a report today.
“This was purely a tactical, valuation-based downgrade,” Molchanov said today in an interview. “The fundamentals of the company have not changed in the last month or two months.”
Molchanov lowered Amyris to underperform, the equivalent of a sell. Amyris is the only underperform-rated stock among the alternative-fuels companies that Raymond James covers, according to the report.
Amyris uses genetically modified microorganisms to convert plant-sugars into farnesene, a hydrocarbon that can be processed into fuels or specialty chemicals.
Total, France’s largest oil producer, owns 18 percent of Emeryville, California-based Amyris, according to data compiled by Bloomberg.