Codexis Inc. (CDXS) Raised to Strong-Buy at Zacks Investment Research
Codexis Inc. (NASDAQ:CDXS) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Tuesday. The firm currently has a $5.25 price objective on the stock. Zacks Investment Research’s price objective points to a potential upside of 19.86% from the company’s previous close.
According to Zacks, “Codexis, Inc. is a leading protein engineering company that applies its technology to the development of biocatalysts for the commercial manufacture of pharmaceuticals and fine chemicals. Codexis’ proven technology enables implementation of biocatalytic solutions to meet customer needs for rapid, cost-effective and sustainable manufacturing. “
Codexis (NASDAQ:CDXS) traded down 2.45% during trading on Tuesday, reaching $4.38. The company’s stock had a trading volume of 51,978 shares. The stock’s market cap is $180.37 million. Codexis has a 52-week low of $2.93 and a 52-week high of $4.63. The firm has a 50 day moving average price of $4.26 and a 200-day moving average price of $3.93.
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Codexis (NASDAQ:CDXS) last announced its earnings results on Tuesday, August 9th. The company reported $0.12 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.03 by $0.09. The firm had revenue of $16 million for the quarter, compared to the consensus estimate of $15.10 million. Codexis had a positive return on equity of 7.82% and a negative net margin of 2.63%. The business’s quarterly revenue was up 166.7% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.14) EPS. On average, analysts expect that Codexis will post ($0.20) earnings per share for the current year.
In other news, Director Dennis P. Wolf sold 18,000 shares of the business’s stock in a transaction dated Monday, August 29th. The stock was sold at an average price of $4.22, for a total value of $75,960.00. Following the transaction, the director now directly owns 132,360 shares of the company’s stock, valued at approximately $558,559.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Ventures Fund Vii L.P. Vivo sold 80,000 shares of the business’s stock in a transaction dated Thursday, August 4th. The shares were sold at an average price of $4.22, for a total value of $337,600.00. The disclosure for this sale can be found here. Company insiders own 11.30% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in CDXS. Schwab Charles Investment Management Inc. acquired a new position in shares of Codexis during the second quarter worth about $224,000. State Street Corp acquired a new position in shares of Codexis during the second quarter worth about $1,504,000. Rhumbline Advisers acquired a new position in shares of Codexis during the second quarter worth about $123,000. Teachers Advisors Inc. acquired a new position in shares of Codexis during the second quarter worth about $213,000. Finally, FMR LLC increased its position in shares of Codexis by 1.8% in the second quarter. FMR LLC now owns 2,133,282 shares of the company’s stock worth $8,597,000 after buying an additional 37,567 shares in the last quarter. 57.24% of the stock is currently owned by institutional investors.
Codexis, Inc is a developer of biocatalysts for the pharmaceutical and fine chemicals markets. The Company’s CodeEvolver protein engineering technology platform, which introduces genetic mutations into genes in order to give rise to changes in the enzymes that they produce, overcomes many of the limitations, allowing customers to evolve and optimize biocatalysts to perform specific and desired chemical reactions at commercial scale.
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