Codexis (NASDAQ:CDXS) released its quarterly earnings results on Thursday. The biotechnology company reported ($0.04) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.03, Morningstar.com reports. Codexis had a negative net margin of 29.83% and a negative return on equity of 61.93%. The company had revenue of $16.95 million for the quarter, compared to analyst estimates of $14.63 million. Codexis updated its FY 2018 guidance to EPS.
Shares of CDXS traded down $1.01 during trading hours on Friday, reaching $15.71. 341,487 shares of the stock traded hands, compared to its average volume of 301,554. Codexis has a 52 week low of $5.70 and a 52 week high of $19.60.
In other Codexis news, Director Patrick Y. Yang sold 150,340 shares of Codexis stock in a transaction dated Thursday, August 16th. The shares were sold at an average price of $14.45, for a total value of $2,172,413.00. Following the sale, the director now owns 120,896 shares of the company’s stock, valued at $1,746,947.20. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Gordon Sangster sold 80,000 shares of Codexis stock in a transaction dated Wednesday, October 3rd. The stock was sold at an average price of $16.94, for a total transaction of $1,355,200.00. Following the completion of the sale, the chief financial officer now directly owns 174,453 shares in the company, valued at approximately $2,955,233.82. The disclosure for this sale can be found here. Insiders have sold 508,329 shares of company stock worth $8,354,797 over the last three months. 11.40% of the stock is owned by insiders.
Hedge funds have recently made changes to their positions in the business. Rhumbline Advisers raised its position in Codexis by 29.1% in the second quarter. Rhumbline Advisers now owns 48,661 shares of the biotechnology company’s stock worth $701,000 after acquiring an additional 10,983 shares during the period. Bank of New York Mellon Corp raised its position in Codexis by 17.3% in the second quarter. Bank of New York Mellon Corp now owns 204,032 shares of the biotechnology company’s stock worth $2,939,000 after acquiring an additional 30,124 shares during the period. Baillie Gifford & Co. raised its position in Codexis by 14.9% in the second quarter. Baillie Gifford & Co. now owns 2,646,240 shares of the biotechnology company’s stock worth $38,107,000 after acquiring an additional 343,261 shares during the period. Metropolitan Life Insurance Co. NY raised its position in Codexis by 25.3% in the second quarter. Metropolitan Life Insurance Co. NY now owns 17,210 shares of the biotechnology company’s stock worth $248,000 after acquiring an additional 3,475 shares during the period. Finally, Castleark Management LLC purchased a new position in shares of Codexis in the second quarter worth about $6,239,000. 77.40% of the stock is currently owned by institutional investors and hedge funds.
A number of research firms recently weighed in on CDXS. BidaskClub lowered shares of Codexis from a “buy” rating to a “hold” rating in a research report on Saturday, October 13th. Craig Hallum raised their price target on shares of Codexis from $15.00 to $20.00 and gave the company a “buy” rating in a research report on Wednesday, September 5th. Finally, Zacks Investment Research lowered shares of Codexis from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 15th. One investment analyst has rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $16.40.
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Codexis, Inc discovers, develops, and sells protein catalysts. It also offers intermediate chemicals products that are used for further chemical processing; and Codex biocatalyst panels and kits that enable customers to perform chemistry screening. The company also provides protein catalyst screening and protein engineering services.
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