AquaBounty downgraded to Neutral from Buy at H.C. Wainwright

H.C. Wainwright analyst Kevin Dede downgraded AquaBounty Technologies to Neutral from Buy without a price target. The company reported its September quarter with sales sequentially flattish on both weak wholesale salmon pricing and management’s determination to use the Indiana fish farm as a production test bed and fish husbandry model, the analyst tells investors in a research note. The firm says Indiana farm may not deliver meaningful production expansion. With little insight to AquaBounty’s fundraising process and partnership structure, H.C. Wainwright is less comfortable recommending the shares.