Codexis (NASDAQ:CDXS) Stock Price Crosses Above 200 Day Moving Average – Here’s Why

Shares of Codexis, Inc. (NASDAQ:CDXS) passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $1.98 and traded as high as $2.23. Codexis shares last traded at $2.21, with a volume of 495,022 shares trading hands.

Analyst Upgrades and Downgrades

CDXS has been the subject of a number of analyst reports. Wall Street Zen cut Codexis from a “buy” rating to a “hold” rating in a research note on Sunday, May 3rd. Cantor Fitzgerald restated an “overweight” rating on shares of Codexis in a report on Wednesday, June 17th. Finally, Weiss Ratings lowered Codexis from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Friday, May 22nd. One equities research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Codexis has a consensus rating of “Hold” and a consensus price target of $5.00.

Codexis Stock Up 4.2%

The company has a debt-to-equity ratio of 0.94, a current ratio of 5.36 and a quick ratio of 5.23. The company has a market capitalization of $204.53 million, a price-to-earnings ratio of -6.08 and a beta of 2.50. The firm has a 50-day moving average price of $2.50 and a two-hundred day moving average price of $1.98.

Codexis (NASDAQ:CDXS) last announced its earnings results on Thursday, May 7th. The biotechnology company reported ($0.10) EPS for the quarter, topping the consensus estimate of ($0.11) by $0.01. Codexis had a negative net margin of 40.97% and a negative return on equity of 68.09%. The business had revenue of $15.25 million during the quarter, compared to analysts’ expectations of $14.53 million. As a group, sell-side analysts anticipate that Codexis, Inc. will post -0.36 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Millennium Management LLC raised its stake in shares of Codexis by 3,376.5% during the 3rd quarter. Millennium Management LLC now owns 4,067,559 shares of the biotechnology company’s stock worth $9,925,000 after purchasing an additional 3,950,557 shares in the last quarter. Aberdeen Group plc raised its position in Codexis by 94.7% during the fourth quarter. Aberdeen Group plc now owns 7,966,498 shares of the biotechnology company’s stock worth $12,985,000 after acquiring an additional 3,874,436 shares in the last quarter. Opaleye Management Inc. lifted its stake in Codexis by 32.6% in the second quarter. Opaleye Management Inc. now owns 12,600,000 shares of the biotechnology company’s stock valued at $30,744,000 after acquiring an additional 3,100,000 shares during the last quarter. Prescott Group Capital Management L.L.C. grew its position in shares of Codexis by 304.1% in the 4th quarter. Prescott Group Capital Management L.L.C. now owns 2,568,359 shares of the biotechnology company’s stock valued at $4,186,000 after acquiring an additional 1,932,814 shares during the period. Finally, Nantahala Capital Management LLC increased its stake in shares of Codexis by 42.4% during the 2nd quarter. Nantahala Capital Management LLC now owns 4,030,619 shares of the biotechnology company’s stock worth $9,835,000 after purchasing an additional 1,200,000 shares during the last quarter. 78.54% of the stock is currently owned by institutional investors.

Codexis Company Profile

Codexis, Inc, headquartered in Redwood City, California, is a leading protein engineering company focused on the development of innovative enzyme solutions for pharmaceutical, food and beverage, and specialty chemical applications. The company’s proprietary directed evolution platform, CodeEvolver®, enables the rapid identification and optimization of enzymes with enhanced activity, selectivity and stability. By leveraging this technology, Codexis provides custom biocatalysts designed to improve manufacturing efficiency and reduce environmental impact.

Since its founding in 2002, Codexis has expanded its capabilities from early-stage research to commercial-scale production.