Codexis (NASDAQ:CDXS) Stock Price Crosses Above Two Hundred Day Moving Average – Here’s Why

Shares of Codexis, Inc. (NASDAQ:CDXS) crossed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $1.95 and traded as high as $2.66. Codexis shares last traded at $2.60, with a volume of 773,272 shares changing hands.

Analyst Ratings Changes

Several research analysts recently weighed in on CDXS shares. Wall Street Zen lowered Codexis from a “buy” rating to a “hold” rating in a research report on Sunday, May 3rd. Weiss Ratings lowered Codexis from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Friday, May 22nd. Cantor Fitzgerald reiterated an “overweight” rating on shares of Codexis in a report on Wednesday, June 17th. Finally, Stifel Nicolaus set a $5.00 price objective on Codexis in a research report on Thursday, March 12th. One equities research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, Codexis currently has a consensus rating of “Hold” and an average price target of $5.00.

Codexis Price Performance

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 has a market cap of $236.34 million, a PE ratio of -7.03 and a beta of 2.50. The stock’s 50-day moving average is $2.55 and its two-hundred day moving average is $1.95.

Codexis (NASDAQ:CDXS) last announced its earnings results on Thursday, May 7th. The biotechnology company reported ($0.10) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.01. Codexis had a negative return on equity of 68.09% and a negative net margin of 40.97%.The company had revenue of $15.25 million for the quarter, compared to analyst estimates of $14.53 million. On average, equities analysts predict that Codexis, Inc. will post -0.36 earnings per share for the current year.

Hedge Funds Weigh In On Codexis

Several hedge funds have recently bought and sold shares of the company. Royal Bank of Canada grew its position in Codexis by 24.9% in the 1st quarter. Royal Bank of Canada now owns 437,126 shares of the biotechnology company’s stock valued at $1,176,000 after acquiring an additional 87,044 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Codexis by 2.7% during the second quarter. Geode Capital Management LLC now owns 1,977,869 shares of the biotechnology company’s stock worth $4,827,000 after purchasing an additional 52,588 shares in the last quarter. Rhumbline Advisers boosted its stake in shares of Codexis by 25.9% in the second quarter. Rhumbline Advisers now owns 135,556 shares of the biotechnology company’s stock valued at $331,000 after purchasing an additional 27,897 shares during the period. XTX Topco Ltd purchased a new position in shares of Codexis in the second quarter valued at approximately $116,000. Finally, Invesco Ltd. grew its holdings in shares of Codexis by 42.4% in the second quarter. Invesco Ltd. now owns 96,078 shares of the biotechnology company’s stock valued at $234,000 after purchasing an additional 28,631 shares in the last quarter. Institutional investors and hedge funds own 78.54% of the company’s stock.

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.