Codexis, Inc. (CDXS) Upgraded to “Hold” at Zacks Investment Research
Zacks Investment Research upgraded shares of Codexis, Inc. (NASDAQ:CDXS) from a sell rating to a hold rating in a research note published on Wednesday morning.
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. “
A number of other brokerages have also recently issued reports on CDXS. Jefferies Group LLC reissued a buy rating and issued a $9.00 target price (up from $8.00) on shares of Codexis in a report on Monday, October 2nd. BidaskClub cut Codexis from a buy rating to a hold rating in a report on Friday, July 28th. ValuEngine raised Codexis from a sell rating to a hold rating in a report on Friday, September 1st. Finally, HC Wainwright set a $8.00 target price on Codexis and gave the stock a buy rating in a report on Friday, August 11th. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The company has an average rating of Hold and an average target price of $7.00.
Codexis (NASDAQ:CDXS) last issued its earnings results on Wednesday, August 9th. The biotechnology company reported ($0.13) earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of ($0.13). Codexis had a negative return on equity of 83.39% and a negative net margin of 40.70%. The business had revenue of $10.30 million during the quarter, compared to analysts’ expectations of $9.61 million. During the same period in the prior year, the firm posted $0.12 EPS. Codexis’s quarterly revenue was down 35.6% compared to the same quarter last year.
In other Codexis news, major shareholder Ventures Vii Affiliates F. Vivo sold 1,060,000 shares of the stock in a transaction on Thursday, September 14th. The stock was sold at an average price of $5.78, for a total value of $6,126,800.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 9.80% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in CDXS. Teachers Advisors LLC boosted its position in Codexis by 10.0% in the 4th quarter. Teachers Advisors LLC now owns 58,017 shares of the biotechnology company’s stock valued at $267,000 after buying an additional 5,264 shares during the last quarter. Wells Fargo & Company MN boosted its position in Codexis by 24.4% in the 1st quarter. Wells Fargo & Company MN now owns 58,694 shares of the biotechnology company’s stock valued at $282,000 after buying an additional 11,500 shares during the last quarter. Bank of New York Mellon Corp boosted its position in Codexis by 10.4% in the 1st quarter. Bank of New York Mellon Corp now owns 136,053 shares of the biotechnology company’s stock valued at $653,000 after buying an additional 12,841 shares during the last quarter. TIAA CREF Investment Management LLC boosted its position in Codexis by 1.1% in the 1st quarter. TIAA CREF Investment Management LLC now owns 102,294 shares of the biotechnology company’s stock valued at $491,000 after buying an additional 1,099 shares during the last quarter. Finally, Geode Capital Management LLC boosted its position in Codexis by 4.2% in the 1st quarter. Geode Capital Management LLC now owns 226,644 shares of the biotechnology company’s stock valued at $1,087,000 after buying an additional 9,191 shares during the last quarter. Hedge funds and other institutional investors own 63.62% 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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