Zacks Investment Research upgraded shares of Codexis Inc. (NASDAQ:CDXS) from a hold rating to a strong-buy rating in a research note released on Tuesday morning. They currently have $5.25 target price on the stock.
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. “
Shares of Codexis (NASDAQ:CDXS) opened at 4.37 on Tuesday. Codexis has a 12 month low of $2.93 and a 12 month high of $4.63. The company’s market capitalization is $179.96 million. The stock has a 50 day moving average price of $4.27 and a 200-day moving average price of $3.94.
Codexis (NASDAQ:CDXS) last posted its earnings results on Tuesday, August 9th. The company reported $0.12 EPS for the quarter, beating the Zacks’ consensus estimate of $0.03 by $0.09. The firm had revenue of $16 million for 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 company’s revenue was up 166.7% on a year-over-year basis. During the same period last year, the firm posted ($0.14) EPS. Analysts forecast that Codexis will post ($0.20) EPS for the current year.
In other Codexis news, Director Bernard J. Kelley sold 12,643 shares of the firm’s stock in a transaction on Wednesday, August 24th. The shares were sold at an average price of $4.26, for a total transaction of $53,859.18. Following the transaction, the director now directly owns 234,906 shares of the company’s stock, valued at approximately $1,000,699.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Ventures Fund Vii L.P. Vivo sold 80,000 shares of the firm’s stock in a transaction on Thursday, August 4th. The stock was sold at an average price of $4.22, for a total transaction of $337,600.00. The disclosure for this sale can be found here. Company insiders own 11.30% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of CDXS. Vivo Capital LLC acquired a new position in shares of Codexis during the first quarter valued at about $17,333,000. BlackRock Fund Advisors boosted its stake in Codexis by 957.9% in the second quarter. BlackRock Fund Advisors now owns 876,101 shares of the company’s stock valued at $3,531,000 after buying an additional 793,284 shares during the period. William Blair Investment Management LLC purchased a new stake in Codexis during the second quarter valued at approximately $2,702,000. State Street Corp purchased a new stake in Codexis during the second quarter valued at approximately $1,504,000. Finally, Palisade Capital Management LLC NJ purchased a new stake in Codexis during the second quarter valued at approximately $991,000. 57.24% of the stock is currently owned by institutional investors.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Codexis Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Codexis Inc. and related companies with MarketBeat.com's FREE daily email newsletter.