Zacks Investment Research Lowers Codexis (CDXS) to Sell

Codexis (NASDAQ:CDXS) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Friday.

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 research reports. BidaskClub raised shares of Codexis from a “hold” rating to a “buy” rating in a research report on Friday, December 15th. HC Wainwright reissued a “buy” rating and issued a $8.50 price target on shares of Codexis in a research report on Tuesday, November 21st. Finally, Jefferies Group increased their price target on shares of Codexis from $9.00 to $11.00 and gave the stock a “buy” rating in a research report on Friday, October 13th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $8.58.

Codexis (NASDAQ:CDXS) traded up $0.40 during trading hours on Friday, reaching $8.50. 376,192 shares of the company traded hands, compared to its average volume of 264,364. Codexis has a 52-week low of $3.60 and a 52-week high of $9.45. The firm has a market capitalization of $398.86, a price-to-earnings ratio of -13.08 and a beta of -1.61.

Codexis (NASDAQ:CDXS) last posted its quarterly earnings results on Thursday, November 9th. The biotechnology company reported ($0.21) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.16) by ($0.05). Codexis had a negative return on equity of 140.02% and a negative net margin of 76.37%. The business had revenue of $9.98 million during the quarter, compared to analyst estimates of $10.00 million. research analysts forecast that Codexis will post -0.46 earnings per share for the current year.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. BlackRock Inc. increased its holdings in shares of Codexis by 0.7% during the fourth quarter. BlackRock Inc. now owns 2,672,981 shares of the biotechnology company’s stock worth $22,320,000 after buying an additional 18,193 shares in the last quarter. Prescott Group Capital Management L.L.C. increased its holdings in shares of Codexis by 4.2% during the fourth quarter. Prescott Group Capital Management L.L.C. now owns 2,133,568 shares of the biotechnology company’s stock worth $17,815,000 after buying an additional 86,356 shares in the last quarter. Telemark Asset Management LLC acquired a new stake in shares of Codexis during the third quarter worth approximately $13,633,000. Vanguard Group Inc. increased its holdings 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 in the last quarter. Finally, Baillie Gifford & Co. increased its holdings in shares of Codexis by 1.1% during the third quarter. Baillie Gifford & Co. now owns 1,478,097 shares of the biotechnology company’s stock worth $9,830,000 after buying an additional 16,684 shares in the last quarter. 65.85% of the stock is owned by institutional investors.

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About Codexis

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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