Codexis (CDXS) Rating Increased to Strong-Buy at BidaskClub

Codexis (NASDAQ:CDXS) was upgraded by equities researchers at BidaskClub from a “buy” rating to a “strong-buy” rating in a research note issued to investors on Friday.

A number of other analysts have also commented on the company. HC Wainwright set a $17.00 price target on Codexis and gave the company a “buy” rating in a report on Monday, November 12th. Zacks Investment Research lowered Codexis from a “strong-buy” rating to a “hold” rating in a report on Monday, October 15th. Finally, Craig Hallum boosted their price target on Codexis from $15.00 to $20.00 and gave the company a “buy” rating in a report on Wednesday, September 5th. One investment analyst has rated the stock with a hold rating, four have assigned a buy rating and two have issued a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $17.40.

Shares of Codexis stock opened at $18.05 on Friday. The stock has a market capitalization of $940.96 million, a PE ratio of -36.10 and a beta of -1.60. Codexis has a one year low of $6.03 and a one year high of $19.60.

Codexis (NASDAQ:CDXS) last issued its quarterly earnings results on Thursday, November 8th. The biotechnology company reported ($0.04) EPS for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.03. The company had revenue of $16.95 million for the quarter, compared to analyst estimates of $14.63 million. Codexis had a negative return on equity of 25.72% and a negative net margin of 14.26%. On average, sell-side analysts anticipate that Codexis will post -0.23 EPS for the current year.

In related news, Director Bernard J. Kelley sold 16,666 shares of the company’s stock in a transaction dated Thursday, August 30th. The stock was sold at an average price of $17.15, for a total transaction of $285,821.90. Following the sale, the director now owns 242,334 shares in the company, valued at $4,156,028.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP James Lalonde sold 13,453 shares of the company’s stock in a transaction dated Tuesday, November 13th. The stock was sold at an average price of $15.40, for a total value of $207,176.20. Following the sale, the senior vice president now owns 158,043 shares in the company, valued at approximately $2,433,862.20. The disclosure for this sale can be found here. Insiders have sold 320,114 shares of company stock worth $5,607,436 in the last quarter. 11.40% of the stock is currently owned by corporate insiders.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Rhumbline Advisers raised its holdings in Codexis by 29.1% during the second quarter. Rhumbline Advisers now owns 48,661 shares of the biotechnology company’s stock worth $701,000 after acquiring an additional 10,983 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in Codexis by 17.3% during the second quarter. Bank of New York Mellon Corp now owns 204,032 shares of the biotechnology company’s stock worth $2,939,000 after acquiring an additional 30,124 shares in the last quarter. Metropolitan Life Insurance Co. NY raised its holdings in Codexis by 25.3% during the second quarter. Metropolitan Life Insurance Co. NY now owns 17,210 shares of the biotechnology company’s stock worth $248,000 after acquiring an additional 3,475 shares in the last quarter. Castleark Management LLC bought a new stake in Codexis during the second quarter worth about $6,239,000. Finally, Victory Capital Management Inc. bought a new stake in Codexis during the second quarter worth about $1,440,000. Institutional investors and hedge funds own 78.28% 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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