lots false starts with that one! bo rumour as soon as confirmed false stock back down to $1.10 Don't trust it.Ceres (CERE), a producer of genetically-engineered bioenergy feedstocks, has seen its share price fall by 64% in the weeks since it missed on its FQ3 EPS estimate (see figure). Shareholders who have held their shares since participating in the company's February 2012 IPO have seen their holdings decline in value by 92%. The FQ3 report came on top of another sizeable EPS miss for FQ2. The company's P/B book ratio fell below 1 for the first time in early August, and last week it set a new low of 0.72. Investors have been underwhelmed by the company's performance since its IPO, which came in well under the company's target price, and they now seem to be pricing in a high risk of default as well. Ceres strong sell!