May 13, 2009 ndash; Analyst Comments ndash; ThinkEquityrsquo;s David Woodburn commented on Verenium (Nasdaq:VRNM) this morning, rating the stock at BUY with a price target of $3 (the stock closed at $0.61 yesterday). He cited improving enzyme profitability. Verenium reported Q1 financial results on Monday. Financial Results Verenium reported Q1 revenues of $14.4 million, compared with $15.2 million for the same period last year and a net loss of $0.3 million, compared with a $23.1 million net loss last year. Woodburnrsquo;s Takeaways middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Improved profitability in Specialty Enzyme business middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; British Petroleumrsquo;s upfront cash contributions serve as validation of Vereniumrsquo;s technology and commercial prospects middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; New government incentives should facilitates scale-up to commercial levels middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Product gross margin of 45.5% middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Reconfigured revenue and gross margin forecasts to account for Danisco agreement as well as boosts to production utilization and yield. FY09 revenue forecast declines to $65Mnbsp; from $90M but product GM is increased to ...