Codexis (NASDAQ:CDXS) Stock Passes Above 200-Day Moving Average – Time to Sell?

Shares of Codexis, Inc. (NASDAQ:CDXS) passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $2.00 and traded as high as $2.06. Codexis shares last traded at $1.99, with a volume of 786,069 shares.

Analyst Ratings Changes

CDXS has been the subject of several research reports. Cantor Fitzgerald reissued an “overweight” rating on shares of Codexis in a research report on Wednesday, June 17th. Wall Street Zen lowered shares of Codexis from a “buy” rating to a “hold” rating in a research report on Sunday, May 3rd. Finally, Weiss Ratings raised shares of Codexis from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday. One research analyst has rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, Codexis currently has an average rating of “Hold” and a consensus price target of $5.00.

Codexis Stock Down 3.4%

The company has a current ratio of 5.36, a quick ratio of 5.23 and a debt-to-equity ratio of 0.94. The business has a 50-day moving average price of $2.45 and a 200-day moving average price of $2.00. The firm has a market cap of $180.89 million, a P/E ratio of -5.38 and a beta of 2.50.

Codexis (NASDAQ:CDXS) last announced its quarterly earnings results on Thursday, May 7th. The biotechnology company reported ($0.10) EPS for the quarter, beating the consensus estimate 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 return on equity of 68.09% and a negative net margin of 40.97%. On average, equities analysts forecast that Codexis, Inc. will post -0.39 EPS for the current fiscal year.

Institutional Investors Weigh In On Codexis

Several hedge funds have recently modified their holdings of the business. Victory Capital Management Inc. purchased a new stake in shares of Codexis in the 3rd quarter worth approximately $25,000. State of Wyoming purchased a new position in Codexis during the second quarter valued at approximately $25,000. CIBC Bancorp USA Inc. purchased a new position in Codexis during the third quarter valued at approximately $26,000. Navalign LLC bought a new position in Codexis in the fourth quarter worth approximately $25,000. Finally, BNP Paribas Financial Markets raised its stake in Codexis by 93.8% in the third quarter. BNP Paribas Financial Markets now owns 16,608 shares of the biotechnology company’s stock worth $41,000 after buying an additional 8,038 shares in the last quarter. Hedge funds and other institutional investors own 78.54% of the company’s stock.

Codexis Company Profile

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.