Codexis (NASDAQ:CDXS) PT Raised to $23.00

Codexis (NASDAQ:CDXS – Get Rating) had its price objective raised by analysts at Piper Sandler from $22.00 to $23.00 in a report released on Thursday, The Fly reports. The firm currently has an “overweight” rating on the biotechnology company’s stock. Piper Sandler’s price target indicates a potential upside of 253.30% from the stock’s previous close.

CDXS has been the topic of a number of other reports. StockNews.com downgraded Codexis from a “hold” rating to a “sell” rating in a research note on Monday, January 16th. HC Wainwright dropped their target price on Codexis from $25.00 to $15.00 and set a “buy” rating for the company in a research report on Monday, November 7th. One investment analyst has rated the stock with a sell rating and four have given a buy rating to the company. According to data from MarketBeat, Codexis currently has an average rating of “Moderate Buy” and an average target price of $19.83.

Codexis Stock Up 7.2 %

Shares of NASDAQ:CDXS opened at $6.51 on Thursday. The business’s 50 day moving average is $5.41 and its 200 day moving average is $6.60. Codexis has a 12-month low of $4.21 and a 12-month high of $22.22. The stock has a market cap of $427.62 million, a price-to-earnings ratio of -13.56 and a beta of 1.47.

Codexis (NASDAQ:CDXS – Get Rating) last announced its earnings results on Thursday, November 3rd. The biotechnology company reported ($0.15) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.18) by $0.03. The business had revenue of $34.47 million for the quarter, compared to analyst estimates of $31.41 million. Codexis had a negative return on equity of 19.59% and a negative net margin of 23.49%. As a group, equities research analysts expect that Codexis will post -0.56 earnings per share for the current year.

Insider Buying and Selling at Codexis

In other news, Director John J. Nicols sold 35,714 shares of the firm’s stock in a transaction dated Monday, December 12th. The shares were sold at an average price of $5.68, for a total transaction of $202,855.52. Following the completion of the transaction, the director now owns 863,535 shares in the company, valued at approximately $4,904,878.80. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, Director John J. Nicols sold 35,714 shares of Codexis stock in a transaction that occurred on Monday, December 12th. The shares were sold at an average price of $5.68, for a total value of $202,855.52. Following the transaction, the director now owns 863,535 shares of the company’s stock, valued at $4,904,878.80. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director John J. Nicols sold 39,785 shares of the business’s stock in a transaction on Friday, December 9th. The stock was sold at an average price of $5.66, for a total transaction of $225,183.10. Following the transaction, the director now directly owns 863,535 shares in the company, valued at approximately $4,887,608.10. The disclosure for this sale can be found here. Insiders have sold 111,215 shares of company stock worth $625,548 in the last ninety days. 7.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Codexis

Large investors have recently bought and sold shares of the company. Jacobs Levy Equity Management Inc. bought a new stake in Codexis in the 3rd quarter valued at $8,046,000. Allspring Global Investments Holdings LLC boosted its stake in shares of Codexis by 44.3% during the second quarter. Allspring Global Investments Holdings LLC now owns 3,018,847 shares of the biotechnology company’s stock valued at $31,576,000 after purchasing an additional 926,159 shares in the last quarter. Millennium Management LLC bought a new position in shares of Codexis during the second quarter worth about $9,661,000. Assenagon Asset Management S.A. increased its holdings in Codexis by 151.5% in the second quarter. Assenagon Asset Management S.A. now owns 1,489,025 shares of the biotechnology company’s stock worth $15,575,000 after purchasing an additional 897,058 shares in the last quarter. Finally, Prescott Group Capital Management L.L.C. increased its holdings in shares of Codexis by 732.3% during the third quarter. Prescott Group Capital Management L.L.C. now owns 532,653 shares of the biotechnology company’s stock valued at $3,228,000 after acquiring an additional 468,653 shares in the last quarter. Institutional investors and hedge funds own 93.41% of the company’s stock.

About Codexis

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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.