Codexis Inc. (CDXS) Rating Lowered to Hold at Zacks Investment Research
Codexis Inc. (NASDAQ:CDXS) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday.
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 4.80 on Wednesday. The firm has a 50-day moving average price of $4.48 and a 200-day moving average price of $4.11. Codexis has a 1-year low of $2.93 and a 1-year high of $5.25. The firm’s market cap is $197.67 million.
Codexis (NASDAQ:CDXS) last announced its earnings results on Tuesday, November 8th. The company reported $0.09 earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.14) by $0.23. The company had revenue of $14.90 million for the quarter, compared to analyst estimates of $7.41 million. Codexis had a negative return on equity of 5.47% and a negative net margin of 10.60%. The firm’s quarterly revenue was down 14.4% compared to the same quarter last year. During the same quarter last year, the company earned $0.19 earnings per share. On average, analysts expect that Codexis will post ($0.20) earnings per share for the current fiscal year.
In other news, Director Dennis P. Wolf sold 18,000 shares of the stock in a transaction that occurred on Monday, August 29th. The stock was sold at an average price of $4.22, for a total transaction of $75,960.00. Following the transaction, the director now owns 132,360 shares in the company, valued at $558,559.20. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, major shareholder Ventures Fund Vii L.P. Vivo sold 111,600 shares of the stock in a transaction that occurred on Thursday, September 8th. The stock was sold at an average price of $4.25, for a total value of $474,300.00. The disclosure for this sale can be found here. Insiders own 11.30% of the company’s stock.
Several institutional investors have recently made changes to their positions in CDXS. Vivo Capital LLC purchased a new position in shares of Codexis during the first quarter worth $17,333,000. Nantahala Capital Management LLC raised its position 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. Strs Ohio bought a new position in Codexis during the second quarter worth approximately $310,000. Bank of New York Mellon Corp raised its position in Codexis by 113.4% in the second quarter. Bank of New York Mellon Corp now owns 117,756 shares of the company’s stock worth $475,000 after buying an additional 62,575 shares during the period. Finally, California State Teachers Retirement System bought a new position in Codexis during the second quarter worth approximately $283,000. Institutional investors own 57.27% of the company’s stock.
Codexis Company Profile
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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