Codexis (CDXS) Shares Gap Down Following Insider Selling

Codexis (NASDAQ:CDXS) shares gapped down prior to trading on Friday after an insider sold shares in the company. The stock had previously closed at $11.50, but opened at $10.70. Codexis shares last traded at $10.40, with a volume of 2866513 shares trading hands.

Specifically, Director Bernard J. Kelley sold 10,206 shares of Codexis stock in a transaction on Wednesday, March 21st. The shares were sold at an average price of $12.22, for a total value of $124,717.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Dennis P. Wolf sold 41,666 shares of Codexis stock in a transaction on Tuesday, March 27th. The shares were sold at an average price of $11.15, for a total transaction of $464,575.90. Following the completion of the sale, the director now directly owns 157,920 shares of the company’s stock, valued at approximately $1,760,808. The disclosure for this sale can be found here. In the last ninety days, insiders sold 105,337 shares of company stock valued at $1,187,683. 9.80% of the stock is owned by company insiders.

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Several equities research analysts recently issued reports on the stock. ValuEngine raised shares of Codexis from a “hold” rating to a “buy” rating in a research note on Monday. BidaskClub raised shares of Codexis from a “hold” rating to a “buy” rating in a research note on Friday, December 15th. Zacks Investment Research raised shares of Codexis from a “sell” rating to a “hold” rating in a research note on Thursday, February 15th. Finally, HC Wainwright set a $12.00 price objective on shares of Codexis and gave the company a “buy” rating in a research note on Monday, March 12th. One research analyst has rated the stock with a sell rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. Codexis presently has a consensus rating of “Buy” and an average target price of $9.75.

The stock has a market capitalization of $523.08, a price-to-earnings ratio of -20.40 and a beta of -1.73. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.76 and a current ratio of 1.80.

Codexis (NASDAQ:CDXS) last released its earnings results on Thursday, March 8th. The biotechnology company reported $0.02 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.05 by ($0.03). The firm had revenue of $21.70 million for the quarter, compared to analyst estimates of $22.97 million. Codexis had a negative return on equity of 103.42% and a negative net margin of 45.97%. The firm’s revenue was up 117.0% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.07) EPS. equities research analysts anticipate that Codexis will post -0.25 earnings per share for the current year.

A number of institutional investors have recently added to or reduced their stakes in CDXS. Thompson Davis & CO. Inc. increased its holdings in shares of Codexis by 1,753.5% during the 4th quarter. Thompson Davis & CO. Inc. now owns 18,535 shares of the biotechnology company’s stock worth $155,000 after purchasing an additional 17,535 shares during the period. Burney Co. bought a new position in shares of Codexis during the 4th quarter worth about $167,000. MetLife Investment Advisors LLC bought a new position in shares of Codexis during the 4th quarter worth about $179,000. The Manufacturers Life Insurance Company increased its holdings in shares of Codexis by 30.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 35,264 shares of the biotechnology company’s stock worth $192,000 after purchasing an additional 8,244 shares during the period. Finally, Virtu Financial LLC bought a new position in shares of Codexis during the 4th quarter worth about $202,000. 70.84% of the stock is owned by hedge funds and other institutional investors.

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Codexis Company Profile

Codexis, Inc discovers, develops, and sells protein catalysts. It also offers intermediate chemicals products that are used for further chemical processing; and Codex biocatalyst panels and kits that enable customers to perform chemistry screening. The company also provides protein catalyst screening and protein engineering services.

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