Codexis Inc. (CDXS) Upgraded 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 note issued on Tuesday. The brokerage currently has a $5.25 price objective on the stock. Zacks Investment Research’s target price suggests a potential upside of 19.86% from the stock’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 midday trading on Tuesday, reaching $4.38. The company had a trading volume of 51,501 shares. Codexis has a one year low of $2.93 and a one year high of $4.63. The company has a 50-day moving average price of $4.26 and a 200-day moving average price of $3.93. The stock’s market capitalization is $180.37 million.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at https://www.americanbankingnews.com/2016/10/11/codexis-inc-cdxs-upgraded-to-strong-buy-at-zacks-investment-research.html
Codexis (NASDAQ:CDXS) last posted 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. Codexis had a positive return on equity of 7.82% and a negative net margin of 2.63%. The business earned $16 million during the quarter, compared to analysts’ expectations of $15.10 million. During the same period in the previous year, the business earned ($0.14) earnings per share. The firm’s revenue was up 166.7% on a year-over-year basis. On average, equities analysts expect that Codexis will post ($0.20) earnings per share for the current year.
In other news, major shareholder Vivo Ventures Vii, Llc sold 50,000 shares of the company’s stock in a transaction dated Monday, August 15th. The stock was sold at an average price of $4.27, for a total value of $213,500.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Ventures Fund Vii L.P. Vivo sold 80,000 shares of the company’s stock in a transaction dated Thursday, August 4th. The stock was 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. Corporate insiders own 11.30% of the company’s stock.
Institutional investors have recently bought and sold shares of the company. Vivo Capital LLC purchased a new position in Codexis during the first quarter worth about $17,333,000. Nantahala Capital Management LLC boosted its position in Codexis by 4.2% in the first quarter. Nantahala Capital Management LLC now owns 5,014,509 shares of the company’s stock worth $15,595,000 after buying an additional 203,287 shares during the last quarter. FMR LLC boosted its position in 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 during the last quarter. BlackRock Institutional Trust Company N.A. boosted its position in Codexis by 12.1% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 1,260,155 shares of the company’s stock worth $5,078,000 after buying an additional 135,817 shares during the last quarter. Finally, Baillie Gifford & Co. boosted its position in Codexis by 20.3% in the second quarter. Baillie Gifford & Co. now owns 1,185,133 shares of the company’s stock worth $4,777,000 after buying an additional 200,000 shares during the last quarter. Hedge funds and other institutional investors own 57.24% of the company’s stock.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Codexis Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Codexis Inc. and related companies with MarketBeat.com's FREE daily email newsletter.