-------------------
                                                               OMB APPROVAL
                                                           -------------------
                                                           OMB Number: 3235-0145
                                                           Expires:
                                                           Estimated average
                                  UNITED STATES            burden hours per
                       SECURITIES AND EXCHANGE COMMISSION  response........14.90
                             Washington, D.C. 20549        --------------------



                                  SCHEDULE 13G

                    Under the Securities Exchange Act of 1934

                                (Amendment No. 3)*


                               Martek Biosciences
- --------------------------------------------------------------------------------
                                (Name of Issuer)

                                     Common
- --------------------------------------------------------------------------------
                         (Title of Class of Securities)

                                   572901 10 6
- --------------------------------------------------------------------------------
                                 (CUSIP Number)

Check the following box if a fee is being paid with this  statement  | |. (A fee
is not required only if the filing person:  (1) has a previous statement on file
reporting  beneficial  ownership  of more  than  five  percent  of the  class of
securities  described  in Item 1;  and (2) has  filed  no  amendment  subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7).

* The remainder of this cover page shall be filled out for a reporting  person's
initial filing on this form with respect to the subject class of securities, and
for any  subsequent  amendment  containing  information  which  would  alter the
disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the  Securities  Exchange  Act of
1934 ("Act") or otherwise  subject to the liabilities of that section of the Act
but  shall be  subject  to all other  provisions  of the Act  (however,  see the
Notes).


SEC 1745 (2/92)                Page 1 of 8 pages


- -------------------------                           ---------------------------
|CUSIP No.  572901 10 6 |              13G         |   Page  1  of   3  Pages |
|           ----------- |                          |        ---     ---       |
- -------------------------                           ---------------------------

|--------|---------------------------------------------------------------------
|  1     |  NAME OF REPORTING PERSON
|        |  S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
|        |
|        |     Hambrecht & Quist Capital Management Incorporated
|--------|---------------------------------------------------------------------
|  2     |  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*         (a) |_|
|        |                                                            (b) |x|
|        |
|--------|---------------------------------------------------------------------
|  3     |  SEC USE ONLY
|        |
|--------|---------------------------------------------------------------------
|  4     |  CITIZENSHIP OR PLACE OF ORGANIZATION
|        |
|        |     California corporation
|--------|-----------------|--------|------------------------------------------
|                          |   5    | SOLE VOTING POWER
|                          |        |   746,112
|        NUMBER OF         |--------| -----------------------------------------
|         SHARES           |   6    | SHARED VOTING POWER
|      BENEFICIALLY        |        |
|        OWNED BY          ----------------------------------------------------
|          EACH            |   7    |  SOLE DISPOSITIVE POWER
|       REPORTING          |        |   746,112
|         PERSON           ----------------------------------------------------
|          WITH            |   8    |  SHARED DISPOSITIVE POWER
|                          |        |
|--------|---------------------------------------------------------------------
|   9    | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
|        |
|        |     746,112
|--------|- -------------------------------------------------------------------
|  10    | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
|        | SHARES*
|        |
|--------|- -------------------------------------------------------------------
|  11    | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
|        |     5.47%
|--------|- -------------------------------------------------------------------
|  12    |  TYPE OF REPORTING PERSON*
|                  IA
- -------------------------------------------------------------------------------
                      *SEE INSTRUCTION BEFORE FILLING OUT!

                                Page 2 of 8 pages


                              SCHEDULE 13G EXHIBIT

Item 1.
     Martek Biosciences
     6480 Dobbin Road
     Columbia, MD  21045
     
Item 2.
     Hambrecht & Quist Capital Management Incorporated
     50 Rowes Wharf - 4th Floor
     Boston, MA  02110-3328
     (California corporation)

     Common stock
     CUSIP: 572901 10 6

Item 3.
     (e)  Investment Adviser

Item 4.
     Hambrecht & Quist Capital  Management  Incorporated  ("HQCM") disclaims any
     beneficial  interest in the shares reported in this Schedule 13G. Moreover,
     HQCM is of the view that the client accounts that it manages are not acting
     as a "group"  for  purposes  of  Section  13(d)  under the  Securities  and
     Exchange  Act of 1934 (the "1934 Act") and that it and such clients are not
     otherwise required to attribute to each other the "beneficial ownership" of
     securities "beneficially owned" under Rule 13d-3 promulgated under the 1934
     Act.  Therefore,  HQCM is of the view that the shares held in such accounts
     should not be aggregated  for purposes of Section 13(d).  However,  HQCM is
     making  this  filing  on a  voluntary  basis  as  if  all  the  shares  are
     beneficially owned by HQCM on a joint basis.


      746,112 shares of Common stock beneficially owned
      5.47% of Common 
      746,112 sole voting power (i) and sole dispositive power (iii)

Item 5.
     N/A

Item 6.
     N/A

                                 E-1


Item 7.
     N/A

Item 8.
     N/A

Item 9.
     N/A

Item 10.
     By signing  below I certify  that,  to the best of my knowledge and belief,
     the  securities  referred to above were acquired in the ordinary  course of
     business  and  were not  acquired  for the  purpose  of and do not have the
     effect  of  changing  or  influencing  the  control  of the  issuer of such
     securities and were not acquired in connection  with or as a participant in
     any transaction having such purposes or effect.


     After  reasonable  inquiry and to the best of my  knowledge  and belief,  I
     certify that the information set forth in this statement is true, complete
     and correct.

     Date:          2/14/97
                 ---------------------------------------------------

     Signature:  /s/ Kerri A. Bisner
                 ---------------------------------------------------
     Name/Title: Kerri A. Bisner, Vice President
                 Hambrecht & Quist Capital Management Incorporated



                                       E-2