Codexis (CDXS) Downgraded to Hold at Zacks Investment Research

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Codexis (NASDAQ:CDXS) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Friday.

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 equities research analysts have also weighed in on the stock. First Analysis upgraded shares of Codexis from a “neutral” rating to an “outperform” rating and raised their price objective for the company from $12.00 to $19.00 in a report on Thursday. Jefferies Financial Group raised their price objective on shares of Codexis from $4.00 to $20.00 and gave the company a “buy” rating in a report on Tuesday, January 15th. BidaskClub lowered shares of Codexis from a “hold” rating to a “sell” rating in a report on Tuesday, January 15th. HC Wainwright restated a “buy” rating and issued a $16.50 price objective on shares of Codexis in a report on Monday, January 14th. Finally, Stephens raised their price objective on shares of Codexis from $16.00 to $25.00 and gave the company an “overweight” rating in a report on Monday, December 10th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. Codexis currently has a consensus rating of “Buy” and an average target price of $19.50.

Shares of CDXS opened at $17.00 on Friday. Codexis has a twelve month low of $8.00 and a twelve month high of $23.05. The firm has a market capitalization of $939.34 million, a PE ratio of -34.00 and a beta of -0.69.

Codexis (NASDAQ:CDXS) last announced its quarterly earnings data on Thursday, November 8th. The biotechnology company reported ($0.04) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.07) by $0.03. Codexis had a negative net margin of 14.26% and a negative return on equity of 25.72%. The business had revenue of $16.95 million for the quarter, compared to analyst estimates of $14.63 million. Sell-side analysts anticipate that Codexis will post -0.24 earnings per share for the current fiscal year.

In other Codexis news, insider John J. Nicols sold 43,812 shares of Codexis stock in a transaction on Friday, December 7th. The shares were sold at an average price of $21.78, for a total value of $954,225.36. Following the transaction, the insider now directly owns 1,112,679 shares in the company, valued at $24,234,148.62. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP James Lalonde sold 13,453 shares of Codexis stock in a transaction on Tuesday, November 13th. The shares were sold at an average price of $15.40, for a total transaction of $207,176.20. Following the completion of the transaction, the senior vice president now owns 158,043 shares in the company, valued at $2,433,862.20. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 153,765 shares of company stock worth $2,831,747. 11.40% of the stock is currently owned by company insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of CDXS. BlackRock Inc. increased its stake in Codexis by 27.3% in the second quarter. BlackRock Inc. now owns 3,402,575 shares of the biotechnology company’s stock valued at $48,996,000 after purchasing an additional 729,552 shares during the period. FMR LLC acquired a new position in Codexis in the second quarter valued at $7,452,000. Federated Investors Inc. PA acquired a new position in Codexis in the third quarter valued at $8,407,000. Wells Fargo & Company MN increased its stake in Codexis by 35.8% in the third quarter. Wells Fargo & Company MN now owns 1,826,947 shares of the biotechnology company’s stock valued at $31,332,000 after purchasing an additional 481,273 shares during the period. Finally, Sensato Investors LLC acquired a new position in Codexis in the third quarter valued at $3,645,000. Institutional investors own 80.33% of the company’s stock.

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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