Codexis Inc. (CDXS) Rating Increased to Strong-Buy at Zacks Investment Research
Codexis Inc. (NASDAQ:CDXS) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a report issued on Tuesday. The brokerage currently has a $5.25 target price on the stock. Zacks Investment Research’s target price suggests a potential upside of 19.59% 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 4.39 on Tuesday. Codexis has a 12 month low of $2.93 and a 12 month high of $4.63. The firm’s 50-day moving average is $4.27 and its 200-day moving average is $3.94. The stock’s market cap is $180.78 million.
Codexis (NASDAQ:CDXS) last released its quarterly earnings data on Tuesday, August 9th. The company reported $0.12 EPS for the quarter, topping analysts’ consensus estimates of $0.03 by $0.09. The firm earned $16 million during the quarter, compared to the consensus estimate of $15.10 million. Codexis had a negative net margin of 2.63% and a positive return on equity of 7.82%. The firm’s revenue was up 166.7% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.14) earnings per share. On average, equities analysts forecast that Codexis will post ($0.20) earnings per share for the current fiscal year.
In other Codexis news, major shareholder Ventures Fund Vii L.P. Vivo sold 86,894 shares of Codexis stock in a transaction on Tuesday, August 16th. The shares were sold at an average price of $4.25, for a total value of $369,299.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Vivo Ventures Vii, Llc sold 50,000 shares of Codexis stock in a transaction on Monday, August 15th. The stock was sold at an average price of $4.27, for a total transaction of $213,500.00. The disclosure for this sale can be found here. 11.30% of the stock is currently owned by company insiders.
A number of institutional investors have recently added to or reduced their stakes in CDXS. Vivo Capital LLC acquired a new position in Codexis during the first quarter worth approximately $17,333,000. Menta Capital LLC increased its position in Codexis by 1.5% in the first quarter. Menta Capital LLC now owns 41,378 shares of the company’s stock worth $129,000 after buying an additional 600 shares in the last quarter. Palisade Capital Management LLC NJ acquired a new position in Codexis during the second quarter worth approximately $991,000. Blair William & Co. IL acquired a new position in Codexis during the second quarter worth approximately $100,000. Finally, William Blair Investment Management LLC acquired a new position in Codexis during the second quarter worth approximately $2,702,000. 57.24% of the stock is owned by hedge funds and other institutional investors.
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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