Shares of Senomyx Inc. (NASDAQ:SNMX) shot up 4.6% on Wednesday . The stock traded as high as $2.57 and last traded at $2.49, with a volume of 83,622 shares changing hands. The stock had previously closed at $2.38.

Separately, Zacks Investment Research downgraded shares of Senomyx from a “buy” rating to a “hold” rating in a report on Tuesday, July 5th.

The firm’s market capitalization is $119.06 million. The company has a 50-day moving average of $2.93 and a 200-day moving average of $2.87.

Senomyx (NASDAQ:SNMX) last announced its quarterly earnings data on Thursday, April 28th. The company reported ($0.05) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.08) by $0.03. The company had revenue of $6.30 million for the quarter, compared to analyst estimates of $5.78 million. During the same period in the prior year, the business earned ($0.11) earnings per share. Senomyx’s revenue was up 26.0% on a year-over-year basis. Analysts forecast that Senomyx Inc. will post ($0.25) EPS for the current year.

A hedge fund recently raised its stake in Senomyx stock. Turner Investments L.P. increased its stake in Senomyx Inc. (NASDAQ:SNMX) by 10.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 345,000 shares of the company’s stock after buying an additional 33,000 shares during the period. Turner Investments L.P. owned 0.78% of Senomyx worth $1,301,000 as of its most recent filing with the SEC.

Senomyx, Inc is focused on using taste receptor technologies to discover, develop and commercialize flavor ingredients for the packaged food, beverage and ingredient supply industries. The Company operates through development and commercialization of flavor ingredients segment. It is engaged in the discovery, development and/or commercialization of flavor ingredients through over five programs.

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