Codexis (NASDAQ:CDXS) Raised to Buy at BidaskClub

BidaskClub upgraded shares of Codexis (NASDAQ:CDXS) from a hold rating to a buy rating in a report issued on Wednesday morning, BidAskClub reports.

CDXS has been the topic of a number of other research reports. HC Wainwright reissued a buy rating and set a $22.50 price objective on shares of Codexis in a report on Tuesday, December 24th. ValuEngine cut Codexis from a strong-buy rating to a buy rating in a report on Saturday, January 4th. Finally, Zacks Investment Research cut Codexis from a strong-buy rating to a hold rating in a report on Thursday, November 14th. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. Codexis has an average rating of Buy and an average price target of $20.63.

Shares of NASDAQ CDXS traded up $0.05 during trading on Wednesday, reaching $18.63. 5,664 shares of the stock traded hands, compared to its average volume of 334,320. Codexis has a 52-week low of $12.68 and a 52-week high of $22.49. The company has a debt-to-equity ratio of 0.25, a current ratio of 7.37 and a quick ratio of 7.34. The company has a 50-day moving average of $16.43 and a 200-day moving average of $15.50. The stock has a market capitalization of $1.09 billion and a P/E ratio of -88.71.

Codexis (NASDAQ:CDXS) last issued its quarterly earnings results on Tuesday, November 5th. The biotechnology company reported $0.01 EPS for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.10. Codexis had a negative return on equity of 15.24% and a negative net margin of 17.85%. The firm had revenue of $21.91 million for the quarter, compared to analysts’ expectations of $16.56 million. Analysts expect that Codexis will post -0.2 earnings per share for the current fiscal year.

In related news, Director Dennis P. Wolf sold 20,000 shares of the stock in a transaction dated Thursday, December 19th. The stock was sold at an average price of $16.22, for a total transaction of $324,400.00. Following the sale, the director now owns 102,177 shares of the company’s stock, valued at approximately $1,657,310.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Thomas R. Baruch sold 17,500 shares of the company’s stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $15.61, for a total value of $273,175.00. Following the completion of the transaction, the director now owns 90,540 shares in the company, valued at $1,413,329.40. The disclosure for this sale can be found here. Corporate insiders own 10.70% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. California State Teachers Retirement System increased its position in shares of Codexis by 1.2% during the 3rd quarter. California State Teachers Retirement System now owns 82,381 shares of the biotechnology company’s stock valued at $1,130,000 after purchasing an additional 984 shares during the last quarter. Envestnet Asset Management Inc. increased its position in shares of Codexis by 8.4% during the 3rd quarter. Envestnet Asset Management Inc. now owns 15,430 shares of the biotechnology company’s stock valued at $212,000 after purchasing an additional 1,193 shares during the last quarter. Putnam Investments LLC increased its position in shares of Codexis by 0.6% during the 2nd quarter. Putnam Investments LLC now owns 213,784 shares of the biotechnology company’s stock valued at $3,940,000 after purchasing an additional 1,329 shares during the last quarter. JPMorgan Chase & Co. increased its position in shares of Codexis by 15.7% during the 2nd quarter. JPMorgan Chase & Co. now owns 14,521 shares of the biotechnology company’s stock valued at $269,000 after purchasing an additional 1,971 shares during the last quarter. Finally, Tower Research Capital LLC TRC bought a new position in shares of Codexis during the 2nd quarter valued at about $41,000. Institutional investors and hedge funds own 89.40% of the company’s stock.

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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