Codexis Inc. (CDXS) Stock Rating Upgraded by Zacks Investment Research
Codexis Inc. (NASDAQ:CDXS) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday. The brokerage presently has a $5.25 price objective on the stock. Zacks Investment Research’s price objective points to a potential upside of 10.53% from the company’s previous close.
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. “
Codexis (NASDAQ:CDXS) opened at 4.75 on Tuesday. The firm’s market capitalization is $195.61 million. Codexis has a 12 month low of $2.93 and a 12 month high of $5.25. The stock’s 50 day moving average price is $4.46 and its 200-day moving average price is $4.11.
Codexis (NASDAQ:CDXS) last issued its quarterly earnings data on Tuesday, November 8th. The company reported $0.09 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.14) by $0.23. Codexis had a negative return on equity of 5.47% and a negative net margin of 10.60%. The business had revenue of $14.90 million for the quarter, compared to the consensus estimate of $7.41 million. During the same period in the prior year, the business earned $0.19 earnings per share. The business’s revenue was down 14.4% on a year-over-year basis. On average, analysts forecast that Codexis will post ($0.20) earnings per share for the current year.
In related news, Director Bernard J. Kelley sold 12,643 shares of the stock in a transaction dated Wednesday, August 24th. The stock was sold at an average price of $4.26, for a total transaction of $53,859.18. Following the transaction, the director now directly owns 234,906 shares in the company, valued at $1,000,699.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Vivo Ventures Vii, Llc sold 50,000 shares of the stock in a transaction dated Monday, August 15th. The stock was sold at an average price of $4.27, for a total value of $213,500.00. The disclosure for this sale can be found here. Corporate insiders own 11.30% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the company. Blair William & Co. IL acquired a new position in Codexis during the second quarter valued at $100,000. Wells Fargo & Company MN increased its position in Codexis by 412.3% in the third quarter. Wells Fargo & Company MN now owns 26,279 shares of the company’s stock valued at $117,000 after buying an additional 21,149 shares during the period. Rhumbline Advisers acquired a new position in Codexis during the second quarter valued at $123,000. Campbell & CO Investment Adviser LLC acquired a new position in Codexis during the third quarter valued at $140,000. Finally, Alambic Investment Management L.P. acquired a new position in Codexis during the third quarter valued at $177,000. Hedge funds and other institutional investors own 57.27% 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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