Codexis, Inc. (CDXS) Upgraded to Hold by Zacks Investment Research
Codexis, Inc. (NASDAQ:CDXS) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Wednesday.
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. “
CDXS has been the subject of several other reports. Jefferies Group LLC restated a “buy” rating and set a $9.00 price objective (up from $8.00) on shares of Codexis in a research report on Monday, October 2nd. ValuEngine upgraded shares of Codexis from a “sell” rating to a “hold” rating in a research report on Friday, September 1st. BidaskClub upgraded shares of Codexis from a “sell” rating to a “hold” rating in a research report on Saturday, August 19th. Finally, HC Wainwright set a $8.00 price objective on shares of Codexis and gave the company a “buy” rating in a research report on Friday, August 11th. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $7.00.
Codexis (NASDAQ:CDXS) traded down 0.74% during midday trading on Wednesday, reaching $6.70. The company had a trading volume of 123,811 shares. Codexis has a one year low of $3.60 and a one year high of $7.00. The stock’s 50 day moving average is $5.97 and its 200 day moving average is $5.15. The company’s market capitalization is $323.77 million.
Codexis (NASDAQ:CDXS) last announced its quarterly earnings data on Wednesday, August 9th. The biotechnology company reported ($0.13) EPS for the quarter, meeting the consensus estimate of ($0.13). Codexis had a negative net margin of 40.70% and a negative return on equity of 83.39%. The business had revenue of $10.30 million during the quarter, compared to the consensus estimate of $9.61 million. During the same period in the previous year, the business earned $0.12 earnings per share. The company’s revenue was down 35.6% on a year-over-year basis. Equities research analysts forecast that Codexis will post ($0.42) earnings per share for the current fiscal year.
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In other Codexis news, major shareholder Ventures Vii Affiliates F. Vivo sold 1,060,000 shares of the business’s stock in a transaction on Thursday, September 14th. The shares were sold at an average price of $5.78, for a total transaction of $6,126,800.00. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 9.80% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of CDXS. Prescott Group Capital Management L.L.C. grew its stake in shares of Codexis by 607.8% during the second 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 during the last quarter. Vanguard Group Inc. grew its stake in shares of Codexis by 64.5% during the second 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 during the last quarter. Baillie Gifford & Co. grew its stake in shares of Codexis by 23.3% during the second 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 during the last quarter. First Light Asset Management LLC bought a new stake in shares of Codexis during the second quarter worth $1,499,000. Finally, State Street Corp grew its stake in shares of Codexis by 26.8% during the second 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 during the last quarter. 63.62% of the stock is currently owned by hedge funds and other institutional investors.
Codexis Company Profile
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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