Merrill has Martek at sell

Martek Biosciences was rated at sell by Merrill Lynch analyst David Munno after the company announced a long-term supply contract with General Mills, sending the stock up more than 10%. The expected deal does not require a minimum purchase, leaving the value uncertain. DHA-fortified foods are unlikely to exceed 5% to 10% of product volumes, limiting Martek's revenue opportunity, according to the analyst. Shares of the Columbia, Md.-based pharmaceutical company were down $1.17, or 3.97%, at $28.31 on volume of 1,226,200 shares versus the three-month running average of 795,625 shares. (Nasdaq: MATK)

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