$10.00 Million in Sales Expected for Codexis, Inc. (CDXS) This Quarter
Wall Street brokerages expect Codexis, Inc. (NASDAQ:CDXS) to announce $10.00 million in sales for the current quarter, Zacks reports. Three analysts have made estimates for Codexis’ earnings. The lowest sales estimate is $9.63 million and the highest is $10.48 million. Codexis posted sales of $14.87 million in the same quarter last year, which suggests a negative year over year growth rate of 32.8%. The company is scheduled to report its next quarterly earnings report on Tuesday, November 14th.
According to Zacks, analysts expect that Codexis will report full-year sales of $10.00 million for the current fiscal year, with estimates ranging from $50.31 million to $51.74 million. For the next year, analysts forecast that the firm will report sales of $64.80 million per share, with estimates ranging from $59.61 million to $68.78 million. Zacks’ sales calculations are a mean average based on a survey of research firms that that provide coverage for Codexis.
Codexis (NASDAQ:CDXS) last posted its quarterly earnings results on Wednesday, August 9th. The biotechnology company reported ($0.13) earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.13). Codexis had a negative net margin of 40.70% and a negative return on equity of 83.39%. The firm had revenue of $10.30 million during the quarter, compared to the consensus estimate of $9.61 million. During the same quarter in the previous year, the firm posted $0.12 earnings per share. The company’s revenue was down 35.6% on a year-over-year basis.
Several equities analysts have recently commented on the stock. HC Wainwright set a $8.00 price objective on shares of Codexis and gave the stock a “buy” rating in a report on Friday, August 11th. BidaskClub upgraded shares of Codexis from a “sell” rating to a “hold” rating in a report on Saturday, August 19th. Zacks Investment Research lowered shares of Codexis from a “buy” rating to a “hold” rating in a report on Monday, August 14th. ValuEngine upgraded shares of Codexis from a “sell” rating to a “hold” rating in a report on Friday, September 1st. Finally, Jefferies Group LLC initiated coverage on shares of Codexis in a report on Wednesday, May 31st. They set a “buy” rating and a $8.00 target price on the stock. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $6.80.
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Shares of Codexis (NASDAQ:CDXS) opened at 5.60 on Friday. Codexis has a 1-year low of $3.60 and a 1-year high of $5.75. The company’s market cap is $270.61 million. The stock’s 50 day moving average is $5.38 and its 200 day moving average is $4.83.
A number of institutional investors have recently added to or reduced their stakes in the business. Prescott Group Capital Management L.L.C. lifted its holdings in Codexis by 607.8% during the 2nd quarter. Prescott Group Capital Management L.L.C. now owns 2,040,324 shares of the biotechnology company’s stock worth $11,120,000 after buying an additional 1,752,049 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Codexis by 64.5% during the 2nd quarter. Vanguard Group Inc. now owns 1,766,533 shares of the biotechnology company’s stock worth $9,627,000 after buying an additional 692,362 shares in the last quarter. Baillie Gifford & Co. lifted its holdings in Codexis by 23.3% during the 2nd quarter. Baillie Gifford & Co. now owns 1,461,413 shares of the biotechnology company’s stock worth $7,965,000 after buying an additional 276,280 shares in the last quarter. William Blair Investment Management LLC lifted its holdings in Codexis by 10.5% during the 2nd quarter. William Blair Investment Management LLC now owns 1,090,072 shares of the biotechnology company’s stock worth $5,941,000 after buying an additional 103,233 shares in the last quarter. Finally, State Street Corp lifted its holdings in Codexis by 26.8% during the 2nd quarter. State Street Corp now owns 580,623 shares of the biotechnology company’s stock worth $3,168,000 after buying an additional 122,757 shares in the last quarter. Institutional investors own 63.62% 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.
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