Zacks Investment Research Upgrades Calyxt (NASDAQ:CLXT) to “Buy”

Calyxt (NASDAQ:CLXT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday, Zacks.com reports. The brokerage currently has a $4.00 price objective on the stock. Zacks Investment Research‘s target price suggests a potential upside of 10.19% from the company’s previous close.

According to Zacks, “Calyxt, Inc. is a consumer-centric, food- and agriculture-focused company. It researches and develops seeds and food ingredients for agricultural, feed, and food applications as well as offers fat saturation and gluten reduction in soybean oil and wheat. Calyxt, Inc. is based in New Brighton, United States. “

NASDAQ CLXT opened at $3.63 on Wednesday. The firm has a market cap of $135.29 million, a PE ratio of -3.42 and a beta of 1.86. Calyxt has a 52 week low of $3.11 and a 52 week high of $12.43. The business’s fifty day simple moving average is $3.80 and its 200-day simple moving average is $4.71. The company has a quick ratio of 3.14, a current ratio of 3.49 and a debt-to-equity ratio of 0.81.

Calyxt (NASDAQ:CLXT) last released its earnings results on Thursday, August 5th. The company reported ($0.21) earnings per share for the quarter, missing the consensus estimate of ($0.19) by ($0.02). Calyxt had a negative net margin of 106.37% and a negative return on equity of 127.64%. The firm had revenue of $11.88 million during the quarter, compared to analyst estimates of $7.92 million. Research analysts expect that Calyxt will post -0.88 EPS for the current year.

In related news, CEO Michael A. Carr purchased 10,000 shares of the business’s stock in a transaction dated Monday, August 30th. The stock was acquired at an average price of $3.98 per share, for a total transaction of $39,800.00. Following the completion of the purchase, the chief executive officer now directly owns 60,000 shares of the company’s stock, valued at $238,800. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO William Koschak acquired 20,000 shares of the business’s stock in a transaction on Thursday, August 19th. The stock was acquired at an average price of $3.21 per share, with a total value of $64,200.00. The disclosure for this purchase can be found here. Corporate insiders own 2.30% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of CLXT. Morgan Stanley lifted its position in Calyxt by 1,846.3% during the second quarter. Morgan Stanley now owns 301,905 shares of the company’s stock worth $1,212,000 after buying an additional 286,393 shares during the period. Renaissance Technologies LLC raised its holdings in shares of Calyxt by 804.9% during the 2nd quarter. Renaissance Technologies LLC now owns 276,900 shares of the company’s stock valued at $1,113,000 after buying an additional 246,300 shares during the period. Millennium Management LLC purchased a new stake in shares of Calyxt during the 2nd quarter valued at about $797,000. Geode Capital Management LLC raised its holdings in shares of Calyxt by 32.9% during the 1st quarter. Geode Capital Management LLC now owns 207,675 shares of the company’s stock valued at $1,250,000 after buying an additional 51,469 shares during the period. Finally, JPMorgan Chase & Co. raised its holdings in shares of Calyxt by 125.1% during the 2nd quarter. JPMorgan Chase & Co. now owns 69,532 shares of the company’s stock valued at $279,000 after buying an additional 38,639 shares during the period. 29.89% of the stock is currently owned by institutional investors and hedge funds.

About Calyxt

Calyxt, Inc is technology company, which engages in delivering plant-based solutions. Its products include high oleic soybean oil, high fiber wheat, high oleic soybean meal, and low lignin alfalfa. The company was founded by Daniel F. Voytas and André Choulika on January 8, 2010 and is headquartered in Roseville, MN.

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