Zacks Investment Research Upgrades Codexis (NASDAQ:CDXS) to “Buy”

Codexis (NASDAQ:CDXS) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Wednesday, Zacks.com reports. The brokerage currently has a $16.00 price target on the biotechnology company’s stock. Zacks Investment Research‘s price objective suggests a potential upside of 3.23% from the company’s current price.

According to Zacks, “Codexis is a leading protein engineering company that applies its proprietary CodeEvolver technology to develop proteins for a variety of applications, including as biocatalysts for the commercial manufacture of pharmaceuticals, fine chemicals and industrial enzymes, and enzymes as biotherapeutics and for use in molecular diagnostics. CodexisÂ’ proven technology enables improvements in protein performance, meeting customer needs for rapid, cost-effective and sustainable manufacturing in multiple commercial-scale implementations of biocatalytic processes. “

Several other research analysts have also issued reports on CDXS. HC Wainwright reaffirmed a “buy” rating and issued a $22.50 target price on shares of Codexis in a research note on Thursday, August 8th. BidaskClub lowered shares of Codexis from a “sell” rating to a “strong sell” rating in a research note on Saturday, October 26th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. Codexis has a consensus rating of “Buy” and a consensus price target of $21.25.

Shares of NASDAQ CDXS traded up $0.49 during mid-day trading on Wednesday, hitting $15.50. The company’s stock had a trading volume of 385,300 shares, compared to its average volume of 406,818. The stock has a market cap of $817.02 million, a price-to-earnings ratio of -73.81 and a beta of -0.09. The company has a debt-to-equity ratio of 0.26, a current ratio of 6.30 and a quick ratio of 6.26. Codexis has a one year low of $12.68 and a one year high of $23.05. The company’s fifty day simple moving average is $13.75 and its 200-day simple moving average is $16.39.

Codexis (NASDAQ:CDXS) last issued its earnings results on Tuesday, November 5th. The biotechnology company reported $0.01 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.09) by $0.10. The company had revenue of $21.91 million for the quarter, compared to analyst estimates of $16.56 million. Codexis had a negative net margin of 17.85% and a negative return on equity of 17.11%. On average, sell-side analysts predict that Codexis will post -0.21 EPS for the current year.

In other news, Director Patrick Y. Yang acquired 6,000 shares of Codexis stock in a transaction that occurred on Tuesday, September 3rd. The shares were acquired at an average price of $13.97 per share, with a total value of $83,820.00. Following the purchase, the director now directly owns 76,764 shares of the company’s stock, valued at $1,072,393.08. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider John J. Nicols acquired 10,000 shares of Codexis stock in a transaction that occurred on Tuesday, August 20th. The shares were purchased at an average cost of $13.30 per share, for a total transaction of $133,000.00. Following the purchase, the insider now directly owns 1,082,679 shares in the company, valued at $14,399,630.70. The disclosure for this purchase can be found here. Insiders have purchased a total of 58,000 shares of company stock worth $634,300 in the last three months. 10.70% of the stock is owned by insiders.

A number of institutional investors have recently added to or reduced their stakes in CDXS. FMR LLC boosted its stake in Codexis by 25.6% during the 1st quarter. FMR LLC now owns 917,537 shares of the biotechnology company’s stock worth $18,837,000 after acquiring an additional 187,000 shares during the last quarter. Pratt Collard Advisory Partners LLC lifted its stake in Codexis by 14.9% in the second quarter. Pratt Collard Advisory Partners LLC now owns 48,107 shares of the biotechnology company’s stock valued at $887,000 after buying an additional 6,250 shares in the last quarter. Strs Ohio lifted its stake in Codexis by 5.5% in the second quarter. Strs Ohio now owns 42,100 shares of the biotechnology company’s stock valued at $775,000 after buying an additional 2,200 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its stake in Codexis by 135.1% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 782,933 shares of the biotechnology company’s stock valued at $14,429,000 after buying an additional 449,868 shares in the last quarter. Finally, SG Americas Securities LLC bought a new position in Codexis in the second quarter valued at approximately $190,000. 89.27% of the stock is currently owned by institutional investors and hedge funds.

About Codexis

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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