Codexis Inc. (CDXS) Upgraded by Zacks Investment Research to Strong-Buy
Zacks Investment Research upgraded shares of Codexis Inc. (NASDAQ:CDXS) from a hold rating to a strong-buy rating in a research note issued to investors on Tuesday. They currently have $5.25 price target on the stock.
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. “
Shares of Codexis (NASDAQ:CDXS) traded up 1.1393% during midday trading on Tuesday, hitting $4.4299. 613 shares of the stock traded hands. The company’s market capitalization is $182.43 million. Codexis has a 1-year low of $2.93 and a 1-year high of $4.63. The stock has a 50 day moving average of $4.26 and a 200 day moving average of $3.93.
Codexis (NASDAQ:CDXS) last announced its quarterly earnings data on Tuesday, August 9th. The company reported $0.12 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.03 by $0.09. The business earned $16 million during the quarter, compared to analysts’ expectations of $15.10 million. Codexis had a positive return on equity of 7.82% and a negative net margin of 2.63%. The firm’s quarterly revenue was up 166.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.14) earnings per share. Equities research analysts predict that Codexis will post ($0.20) earnings per share for the current fiscal year.
In related news, major shareholder Ventures Fund Vii L.P. Vivo sold 111,600 shares of the company’s stock in a transaction on Thursday, September 8th. The stock was sold at an average price of $4.25, for a total transaction of $474,300.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Bernard J. Kelley sold 12,643 shares of the company’s stock in a transaction on Wednesday, August 24th. The shares were sold at an average price of $4.26, for a total value of $53,859.18. Following the sale, the director now owns 234,906 shares of the company’s stock, valued at approximately $1,000,699.56. The disclosure for this sale can be found here. 11.30% of the stock is owned by insiders.
Hedge funds have recently bought and sold shares of the stock. Vivo Capital LLC purchased a new stake in Codexis during the first quarter worth approximately $17,333,000. Nantahala Capital Management LLC boosted its stake in Codexis by 4.2% in the first quarter. Nantahala Capital Management LLC now owns 5,014,509 shares of the company’s stock worth $15,595,000 after buying an additional 203,287 shares during the period. FMR LLC boosted its stake in Codexis by 1.8% in the second quarter. FMR LLC now owns 2,133,282 shares of the company’s stock worth $8,597,000 after buying an additional 37,567 shares during the period. BlackRock Institutional Trust Company N.A. boosted its stake in Codexis by 12.1% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 1,260,155 shares of the company’s stock worth $5,078,000 after buying an additional 135,817 shares during the period. Finally, Baillie Gifford & Co. boosted its stake in Codexis by 20.3% in the second quarter. Baillie Gifford & Co. now owns 1,185,133 shares of the company’s stock worth $4,777,000 after buying an additional 200,000 shares during the period. Institutional investors own 57.24% of the company’s stock.
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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