Codexis (NASDAQ:CDXS) Stock Crosses Above Two Hundred Day Moving Average – What’s Next?

Codexis, Inc. (NASDAQ:CDXS)’s share price crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $1.79 and traded as high as $2.79. Codexis shares last traded at $2.75, with a volume of 932,136 shares traded.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on CDXS. Weiss Ratings downgraded Codexis from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Friday, May 22nd. Cantor Fitzgerald reissued an “overweight” rating on shares of Codexis in a report on Thursday, March 12th. Stifel Nicolaus set a $5.00 price objective on shares of Codexis in a research report on Thursday, March 12th. Finally, Wall Street Zen downgraded shares of Codexis from a “buy” rating to a “hold” rating in a research note on Sunday, May 3rd. One investment analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Codexis has an average rating of “Hold” and a consensus price target of $5.00.

Codexis Price Performance

The stock has a market cap of $249.98 million, a PE ratio of -7.43 and a beta of 2.52. The company has a debt-to-equity ratio of 0.94, a quick ratio of 5.23 and a current ratio of 5.36. The stock’s 50-day moving average is $2.30 and its two-hundred day moving average is $1.79.

Codexis (NASDAQ:CDXS) last released its earnings results on Thursday, May 7th. The biotechnology company reported ($0.10) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.01. The firm had revenue of $15.25 million for the quarter, compared to analyst estimates of $14.53 million. Codexis had a negative net margin of 40.97% and a negative return on equity of 68.09%. On average, equities analysts predict that Codexis, Inc. will post -0.39 earnings per share for the current year.

Institutional Trading of Codexis

Several institutional investors and hedge funds have recently added to or reduced their stakes in CDXS. Aberdeen Group plc raised its position in Codexis by 94.7% during the 4th quarter. Aberdeen Group plc now owns 7,966,498 shares of the biotechnology company’s stock worth $12,985,000 after buying an additional 3,874,436 shares during the last quarter. Tudor Investment Corp ET AL purchased a new position in shares of Codexis during the 3rd quarter worth approximately $1,312,000. Assenagon Asset Management S.A. lifted its holdings in shares of Codexis by 142.2% in the 4th quarter. Assenagon Asset Management S.A. now owns 566,547 shares of the biotechnology company’s stock valued at $923,000 after buying an additional 332,594 shares during the period. Perkins Capital Management Inc. lifted its holdings in shares of Codexis by 72.1% in the 4th quarter. Perkins Capital Management Inc. now owns 529,500 shares of the biotechnology company’s stock valued at $863,000 after buying an additional 221,800 shares during the period. Finally, Prescott Group Capital Management L.L.C. boosted its stake in shares of Codexis by 304.1% in the fourth quarter. Prescott Group Capital Management L.L.C. now owns 2,568,359 shares of the biotechnology company’s stock valued at $4,186,000 after buying an additional 1,932,814 shares in the last quarter. 78.54% of the stock is owned by hedge funds and other institutional investors.

About Codexis

Codexis, Inc, headquartered in Redwood City, California, is a leading protein engineering company focused on the development of innovative enzyme solutions for pharmaceutical, food and beverage, and specialty chemical applications. The company’s proprietary directed evolution platform, CodeEvolver®, enables the rapid identification and optimization of enzymes with enhanced activity, selectivity and stability. By leveraging this technology, Codexis provides custom biocatalysts designed to improve manufacturing efficiency and reduce environmental impact.

Since its founding in 2002, Codexis has expanded its capabilities from early-stage research to commercial-scale production.