ABN Amro Morgans has reduced its price target and earnings forecast for biotechnology firm Alchemia due to an expected delay in the offering of a product to stop blood clots after surgery.

The Brisbane-based company has developed a cheap way of making the synthetic drug heparin, but, according to the broker, recent discussions between Alchemia and the US Food and Drug Administration suggest that the start has been delayed from the original schedule of early next year. The launch is now likely to be in the middle of next year.