Biotechnology and renewable chemical company Amyris, Inc. (NASDAQ: AMRS) recently revealed that the company has entered into a joint venture and licensing agreement with Brazilian beef exporting company Minerva Foods’ subsidiary, MF 92 VENTURES LLC.
The venture is likely to receive its first license revenue before the end of 2021, and is expected to deliver its first commercial production of its initial targets in 2022.
Following the news, shares of the company gained 2.4% to close at $5.59 in Thursday’s trading session.
Amyris and Minerva will be looking to develop and produce new target molecules and bring them to the market commercially.
Furthermore, the partnership is looking to reduce the carbon intensity of producing animal protein with sustainable packaging and fermentation-based natural preservatives.
CEO of Amyris, John Melo, said “We are excited to further expand the reach of our technology and manufacturing expertise through our partnership with Minerva Foods. We believe this collaboration will accelerate the commercialization of natural, sustainably produced molecules that are capable of transforming the production and supply chain of animal protein.”
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Consensus among analysts is a Strong Buy based on 3 unanimous Buys. The average Amyris price target price target of $21.33 implies upside potential of 281.6% from current levels. Shares have declined 6.7% over the past year.
News Sentiment for Amyris is Neutral, based on 4 articles over the past seven days. About half the articles have Bullish sentiment, compared to a sector average of 61%, and the remaining half have Bearish Sentiment, compared to a sector average of 39%.
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