Corbion drops as ING flags weak fish oil pricing, failed PLA sale

** Shares of Corbion CORB.AS fall 5.2% after the Belgian biotechnology company's Q3 update failed to show it can profit from the fish oil price spike, according to ING

** Quarterly sales grew by 9.3% to €340.5 million, below ING's estimates but in line with consensus

** Corbion lacks "enough oil in the tank," ING says, as Health & Nutrition pricing fell 2.3% in a quarter when spot fish oil prices should have jumped about 80%

** Management forecasts for flat fourth-quarter H&N margins, even though ING expects spot prices to surge another 270%, raising doubts about the profit upside

** Corbion also scrapped its PLA sale after bidders wouldn't pay what it thought the business was worth, which ING says shows buyers are too conservative and makes concrete bids from the Bloomberg-reported suitors unlikely

** Shares headed for their worst day in six months, if losses hold, but still up almost 40% YTD