Codexis, Inc. (CDXS) Given Average Rating of “Buy” by Brokerages

Codexis, Inc. (NASDAQ:CDXS) has been given a consensus rating of “Buy” by the eight research firms that are currently covering the stock, Marketbeat.com reports. Seven investment analysts have rated the stock with a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $15.50.

Several brokerages recently weighed in on CDXS. BidaskClub raised Codexis from a “buy” rating to a “strong-buy” rating in a report on Saturday, May 26th. Cowen began coverage on Codexis in a report on Tuesday, June 19th. They issued an “outperform” rating and a $18.00 price objective for the company. Zacks Investment Research raised Codexis from a “hold” rating to a “buy” rating and set a $16.00 price objective for the company in a report on Thursday, August 16th. Finally, Craig Hallum lifted their price objective on Codexis from $15.00 to $20.00 and gave the stock a “buy” rating in a report on Wednesday, September 5th.

Shares of NASDAQ CDXS traded down $0.30 during mid-day trading on Tuesday, reaching $18.00. 739,733 shares of the company’s stock were exchanged, compared to its average volume of 346,012. Codexis has a 52 week low of $5.65 and a 52 week high of $19.30.

Codexis (NASDAQ:CDXS) last released its earnings results on Wednesday, August 8th. The biotechnology company reported ($0.07) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.13) by $0.06. The company had revenue of $13.54 million for the quarter, compared to analysts’ expectations of $11.87 million. Codexis had a negative return on equity of 61.93% and a negative net margin of 29.83%. sell-side analysts forecast that Codexis will post -0.2 EPS for the current fiscal year.

In related news, CFO Gordon Sangster sold 18,736 shares of Codexis stock in a transaction dated Tuesday, August 21st. The stock was sold at an average price of $15.31, for a total value of $286,848.16. Following the completion of the sale, the chief financial officer now owns 134,453 shares of the company’s stock, valued at approximately $2,058,475.43. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Byron L. Dorgan sold 10,000 shares of Codexis stock in a transaction dated Monday, July 16th. The stock was sold at an average price of $15.49, for a total value of $154,900.00. Following the completion of the sale, the director now directly owns 190,593 shares of the company’s stock, valued at approximately $2,952,285.57. The disclosure for this sale can be found here. In the last three months, insiders sold 398,630 shares of company stock valued at $6,204,812. 11.40% of the stock is currently owned by insiders.

A number of hedge funds have recently bought and sold shares of the business. BlackRock Inc. grew its holdings in Codexis by 27.3% during the 2nd quarter. BlackRock Inc. now owns 3,402,575 shares of the biotechnology company’s stock valued at $48,996,000 after buying an additional 729,552 shares in the last quarter. Baillie Gifford & Co. grew its holdings in Codexis by 14.9% during the 2nd quarter. Baillie Gifford & Co. now owns 2,646,240 shares of the biotechnology company’s stock valued at $38,107,000 after buying an additional 343,261 shares in the last quarter. Opaleye Management Inc. grew its holdings in Codexis by 2.9% during the 2nd quarter. Opaleye Management Inc. now owns 1,750,000 shares of the biotechnology company’s stock valued at $25,200,000 after buying an additional 49,400 shares in the last quarter. Wells Fargo & Company MN grew its holdings in Codexis by 13.9% during the 2nd quarter. Wells Fargo & Company MN now owns 1,345,674 shares of the biotechnology company’s stock valued at $19,378,000 after buying an additional 164,347 shares in the last quarter. Finally, First Light Asset Management LLC grew its holdings in Codexis by 32.8% during the 2nd quarter. First Light Asset Management LLC now owns 841,419 shares of the biotechnology company’s stock valued at $12,116,000 after buying an additional 207,754 shares in the last quarter. 77.35% of the stock is owned by institutional investors and hedge funds.

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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Analyst Recommendations for Codexis (NASDAQ:CDXS)

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