$10.00 Million in Sales Expected for Codexis, Inc. (CDXS) This Quarter
Equities analysts expect Codexis, Inc. (NASDAQ:CDXS) to report $10.00 million in sales for the current quarter, according to Zacks. Three analysts have issued estimates for Codexis’ earnings. The lowest sales estimate is $9.63 million and the highest is $10.48 million. Codexis reported sales of $14.87 million during the same quarter last year, which would suggest a negative year over year growth rate of 32.8%. The company is expected to report its next earnings report on Tuesday, November 14th.
According to Zacks, analysts expect that Codexis will report full-year sales of $10.00 million for the current year, with estimates ranging from $50.31 million to $51.74 million. For the next fiscal year, analysts forecast that the business will report sales of $64.80 million per share, with estimates ranging from $59.61 million to $68.78 million. Zacks Investment Research’s sales averages are a mean average based on a survey of analysts that cover Codexis.
Codexis (NASDAQ:CDXS) last released its earnings results on Wednesday, August 9th. The biotechnology company reported ($0.13) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.13). The company had revenue of $10.30 million during the quarter, compared to analyst estimates of $9.61 million. Codexis had a negative return on equity of 83.39% and a negative net margin of 40.70%. Codexis’s quarterly revenue was down 35.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.12 earnings per share.
A number of equities analysts recently weighed in on CDXS shares. Zacks Investment Research upgraded shares of Codexis from a “hold” rating to a “buy” rating and set a $6.25 price objective for the company in a report on Wednesday, July 19th. Jefferies Group LLC started coverage on shares of Codexis in a report on Wednesday, May 31st. They issued a “buy” rating and a $8.00 price objective for the company. HC Wainwright set a $8.00 target price on shares of Codexis and gave the company a “buy” rating in a research note on Thursday, May 11th. ValuEngine lowered shares of Codexis from a “hold” rating to a “sell” rating in a research note on Thursday, July 6th. Finally, BidaskClub upgraded shares of Codexis from a “hold” rating to a “buy” rating in a research note on Sunday, July 16th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company. Codexis presently has a consensus rating of “Hold” and a consensus price target of $6.80.
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A number of large investors have recently made changes to their positions in the stock. Prescott Group Capital Management L.L.C. raised its stake in shares of Codexis by 607.8% in the second quarter. Prescott Group Capital Management L.L.C. now owns 2,040,324 shares of the biotechnology company’s stock worth $11,120,000 after buying an additional 1,752,049 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Codexis by 64.5% in the second quarter. Vanguard Group Inc. now owns 1,766,533 shares of the biotechnology company’s stock worth $9,627,000 after buying an additional 692,362 shares in the last quarter. William Blair Investment Management LLC raised its stake in shares of Codexis by 40.2% in the first quarter. William Blair Investment Management LLC now owns 986,839 shares of the biotechnology company’s stock worth $4,737,000 after buying an additional 282,909 shares in the last quarter. Baillie Gifford & Co. raised its stake in shares of Codexis by 23.3% in the second quarter. Baillie Gifford & Co. now owns 1,461,413 shares of the biotechnology company’s stock worth $7,965,000 after buying an additional 276,280 shares in the last quarter. Finally, First Light Asset Management LLC bought a new stake in shares of Codexis during the second quarter worth $1,499,000. Institutional investors and hedge funds own 55.57% of the company’s stock.
Codexis (NASDAQ CDXS) opened at 5.25 on Tuesday. Codexis has a 12-month low of $3.60 and a 12-month high of $5.70. The stock has a 50 day moving average price of $5.36 and a 200 day moving average price of $4.74. The company’s market capitalization is $253.70 million.
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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