Codexis (NASDAQ:CDXS) Stock Rating Reaffirmed by Cantor Fitzgerald

Codexis (NASDAQ:CDXS)‘s stock had its “overweight” rating reissued by research analysts at Cantor Fitzgerald in a note issued to investors on Friday, Benzinga reports. They presently have a $11.00 price objective on the biotechnology company’s stock. Cantor Fitzgerald’s price objective suggests a potential upside of 249.21% from the stock’s previous close.

Several other research firms have also recently weighed in on CDXS. Jefferies Financial Group initiated coverage on Codexis in a research report on Monday, June 3rd. They set a “buy” rating and a $5.00 price objective on the stock. Benchmark cut Codexis from a “buy” rating to a “hold” rating in a research note on Monday, August 19th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $8.75.

Codexis Trading Down 1.9 %

CDXS stock traded down $0.06 on Friday, reaching $3.15. The company’s stock had a trading volume of 264,986 shares, compared to its average volume of 494,058. The firm has a market cap of $222.26 million, a PE ratio of -3.39 and a beta of 2.07. The business has a fifty day simple moving average of $3.11 and a two-hundred day simple moving average of $3.20. Codexis has a 12-month low of $1.45 and a 12-month high of $4.91. The company has a debt-to-equity ratio of 0.46, a quick ratio of 2.92 and a current ratio of 2.99.

Codexis (NASDAQ:CDXS) last issued its quarterly earnings data on Thursday, August 8th. The biotechnology company reported ($0.32) EPS for the quarter, missing the consensus estimate of ($0.26) by ($0.06). The company had revenue of $7.98 million during the quarter, compared to the consensus estimate of $7.64 million. Codexis had a negative return on equity of 64.06% and a negative net margin of 125.41%. During the same quarter last year, the company posted ($0.17) earnings per share. As a group, research analysts forecast that Codexis will post -0.75 EPS for the current year.

Insiders Place Their Bets

In other Codexis news, major shareholder Opaleye Management Inc. bought 61,000 shares of the stock in a transaction dated Wednesday, September 18th. The stock was purchased at an average cost of $3.16 per share, for a total transaction of $192,760.00. Following the completion of the acquisition, the insider now owns 7,380,000 shares of the company’s stock, valued at $23,320,800. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 2.10% of the company’s stock.

Hedge Funds Weigh In On Codexis

Several institutional investors and hedge funds have recently modified their holdings of CDXS. Los Angeles Capital Management LLC purchased a new stake in Codexis during the 2nd quarter valued at about $54,000. Marshall Wace LLP purchased a new stake in shares of Codexis during the second quarter valued at approximately $89,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Codexis during the first quarter valued at approximately $97,000. State Board of Administration of Florida Retirement System raised its holdings in Codexis by 57.4% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 28,500 shares of the biotechnology company’s stock worth $99,000 after acquiring an additional 10,395 shares during the last quarter. Finally, SG Americas Securities LLC lifted its position in Codexis by 72.6% in the 2nd quarter. SG Americas Securities LLC now owns 36,677 shares of the biotechnology company’s stock valued at $114,000 after acquiring an additional 15,425 shares in the last quarter. 78.54% of the stock is currently owned by institutional investors.

About Codexis

Codexis, Inc discovers, develops, and sells enzymes and other proteins. The company operates through two segments, Performance Enzymes and Novel Biotherapeutics. It offers biocatalyst products and services. The company also provides biocatalyst screening and protein engineering services. In addition, it offers CodeEvolver, a technology platform, which helps in developing and delivering biocatalysts that perform chemical transformations and enhance the efficiency and productivity of manufacturing processes.