Codexis’ (CDXS) Overweight Rating Reiterated at Cantor Fitzgerald

Cantor Fitzgerald reissued their overweight rating on shares of Codexis (NASDAQ:CDXS) in a report published on Friday,Benzinga reports. The firm currently has a $11.00 price target on the biotechnology company’s stock.

Separately, Benchmark reaffirmed a “hold” rating on shares of Codexis in a research report on Monday, November 4th.

Codexis Trading Up 1.3 %

CDXS opened at $3.93 on Friday. The company has a debt-to-equity ratio of 0.39, a current ratio of 3.21 and a quick ratio of 3.15. Codexis has a fifty-two week low of $1.85 and a fifty-two week high of $4.91. The company’s 50 day moving average price is $3.28 and its two-hundred day moving average price is $3.24. The firm has a market capitalization of $319.82 million, a price-to-earnings ratio of -4.52 and a beta of 2.07.

Codexis (NASDAQ:CDXS) last announced its earnings results on Thursday, October 31st. The biotechnology company reported ($0.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.25) by ($0.04). Codexis had a negative return on equity of 71.56% and a negative net margin of 96.35%. The company had revenue of $12.83 million for the quarter, compared to the consensus estimate of $11.64 million. During the same period in the prior year, the business earned ($0.26) earnings per share. As a group, research analysts predict that Codexis will post -0.76 earnings per share for the current year.

Insider Activity

In related news, major shareholder Opaleye Management Inc. acquired 1,055,000 shares of the stock in a transaction dated Friday, September 20th. The stock was purchased at an average cost of $3.01 per share, with a total value of $3,175,550.00. Following the completion of the purchase, the insider now directly owns 8,390,000 shares in the company, valued at $25,253,900. This trade represents a 14.38 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders bought a total of 1,166,000 shares of company stock worth $3,514,910 over the last quarter. 2.10% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Codexis

A number of hedge funds have recently bought and sold shares of the company. Kent Lake Capital LLC bought a new stake in Codexis during the first quarter worth $2,197,000. abrdn plc boosted its stake in Codexis by 62.5% during the third quarter. abrdn plc now owns 800,410 shares of the biotechnology company’s stock valued at $2,465,000 after buying an additional 307,762 shares during the period. Platinum Investment Management Ltd. bought a new stake in shares of Codexis during the 1st quarter valued at about $802,000. Assenagon Asset Management S.A. lifted its position in Codexis by 23.4% during the third quarter. Assenagon Asset Management S.A. now owns 1,103,442 shares of the biotechnology company’s stock valued at $3,399,000 after purchasing an additional 209,207 shares during the last quarter. Finally, Vanguard Group Inc. grew its position in Codexis by 3.1% in the first quarter. Vanguard Group Inc. now owns 4,258,201 shares of the biotechnology company’s stock worth $14,861,000 after acquiring an additional 129,773 shares in the last quarter. 78.54% of the stock is owned by hedge funds and other 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.