Codexis (NASDAQ:CDXS) Stock Crosses Above 200-Day Moving Average – Here’s What Happened

Shares of Codexis, Inc. (NASDAQ:CDXS) crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $1.95 and traded as high as $2.66. Codexis shares last traded at $2.60, with a volume of 773,272 shares.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the company. Wall Street Zen cut Codexis from a “buy” rating to a “hold” rating in a report on Sunday, May 3rd. Cantor Fitzgerald restated an “overweight” rating on shares of Codexis in a research note on Wednesday, June 17th. Stifel Nicolaus set a $5.00 price objective on Codexis in a report on Thursday, March 12th. Finally, Weiss Ratings downgraded Codexis from a “sell (d-)” rating to a “sell (e+)” rating in a report on Friday, May 22nd. One research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Codexis currently has a consensus rating of “Hold” and an average target price of $5.00.

Codexis Stock Down 1.5%

The firm’s 50-day moving average price is $2.55 and its 200-day moving average price is $1.95. 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 cap of $232.70 million, a price-to-earnings ratio of -6.92 and a beta of 2.50.

Codexis (NASDAQ:CDXS) last posted its earnings results on Thursday, May 7th. The biotechnology company reported ($0.10) earnings per share for the quarter, beating 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 for the quarter, compared to analyst estimates of $14.53 million. Sell-side analysts forecast that Codexis, Inc. will post -0.36 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Codexis

Several institutional investors and hedge funds have recently modified their holdings of CDXS. Opaleye Management Inc. raised its holdings in shares of Codexis by 32.6% during the 2nd quarter. Opaleye Management Inc. now owns 12,600,000 shares of the biotechnology company’s stock valued at $30,744,000 after buying an additional 3,100,000 shares during the period. Aberdeen Group plc grew its position in Codexis by 94.7% in the fourth quarter. Aberdeen Group plc now owns 7,966,498 shares of the biotechnology company’s stock valued at $12,985,000 after acquiring an additional 3,874,436 shares in the last quarter. Vanguard Group Inc. grew its position in Codexis by 1.8% in the third quarter. Vanguard Group Inc. now owns 4,669,815 shares of the biotechnology company’s stock valued at $11,394,000 after acquiring an additional 80,602 shares in the last quarter. Millennium Management LLC raised its stake in shares of Codexis by 3,376.5% during the third quarter. Millennium Management LLC now owns 4,067,559 shares of the biotechnology company’s stock valued at $9,925,000 after purchasing an additional 3,950,557 shares during the period. Finally, Nantahala Capital Management LLC lifted its position in shares of Codexis by 42.4% during the second 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 in the last quarter. Hedge funds and other institutional investors own 78.54% of the company’s stock.

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.