Codexis, Inc. (NASDAQ:CDXS – Get Rating)’s stock price rose 9.3% during trading on Friday following a better than expected earnings announcement. The company traded as high as $8.79 and last traded at $8.72. Approximately 53,025 shares were traded during mid-day trading, a decline of 97% from the average daily volume of 1,771,744 shares. The stock had previously closed at $7.98.
The biotechnology company reported ($0.04) earnings per share for the quarter, topping the consensus estimate of ($0.12) by $0.08. The business had revenue of $38.41 million during the quarter, compared to the consensus estimate of $37.86 million. Codexis had a negative return on equity of 12.56% and a negative net margin of 16.85%. The business’s quarterly revenue was up 50.9% on a year-over-year basis. During the same period in the prior year, the company posted ($0.07) EPS.
Wall Street Analysts Forecast Growth
CDXS has been the subject of several research analyst reports. HC Wainwright reduced their target price on Codexis from $38.00 to $27.00 in a research note on Monday, July 18th. Piper Sandler reduced their price objective on Codexis from $35.00 to $22.00 and set an “overweight” rating for the company in a research note on Thursday, July 14th. Cowen reduced their price objective on Codexis from $39.00 to $21.00 and set an “outperform” rating for the company in a research note on Friday, July 15th. Craig Hallum reduced their price objective on Codexis from $42.00 to $19.00 in a research note on Friday, July 15th. Finally, Cowen reduced their price objective on Codexis from $39.00 to $21.00 in a research note on Friday, July 15th. One analyst has rated the stock with a sell rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $21.67.
Insider Buying and Selling at Codexis
Hedge Funds Weigh In On Codexis
A number of hedge funds have recently modified their holdings of the business. Baillie Gifford & Co. grew its holdings in shares of Codexis by 2.8% during the 1st quarter. Baillie Gifford & Co. now owns 7,386,628 shares of the biotechnology company’s stock worth $152,312,000 after purchasing an additional 204,226 shares during the period. BlackRock Inc. grew its holdings in shares of Codexis by 0.7% during the 1st quarter. BlackRock Inc. now owns 5,183,443 shares of the biotechnology company’s stock worth $106,885,000 after purchasing an additional 38,494 shares during the period. ARK Investment Management LLC grew its holdings in shares of Codexis by 13.8% during the 2nd quarter. ARK Investment Management LLC now owns 4,486,573 shares of the biotechnology company’s stock worth $47,917,000 after purchasing an additional 543,936 shares during the period. Vanguard Group Inc. grew its holdings in shares of Codexis by 6.8% during the 1st quarter. Vanguard Group Inc. now owns 3,632,362 shares of the biotechnology company’s stock worth $74,899,000 after purchasing an additional 231,872 shares during the period. Finally, Nantahala Capital Management LLC grew its holdings in shares of Codexis by 5.3% during the 1st quarter. Nantahala Capital Management LLC now owns 3,383,049 shares of the biotechnology company’s stock worth $69,758,000 after purchasing an additional 168,952 shares during the period.
Codexis Trading Up 9.6 %
The firm has a market capitalization of $571.41 million, a PE ratio of -26.52 and a beta of 1.61. The business has a fifty day moving average price of $9.56 and a two-hundred day moving average price of $14.53.
Codexis, Inc discovers, develops, and sells enzymes and other proteins. It offers biocatalyst products and services; 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 biocatalyst screening and protein engineering services.
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