Codexis (CDXS) Issues Quarterly Earnings Results

Codexis (NASDAQ:CDXS) announced its quarterly earnings results on Thursday. The biotechnology company reported ($0.04) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.07) by $0.03, Morningstar.com reports. The business had revenue of $16.95 million during the quarter, compared to analysts’ expectations of $14.63 million. Codexis had a negative net margin of 29.83% and a negative return on equity of 61.93%. Codexis updated its FY 2018 guidance to EPS.

Shares of Codexis stock traded down $1.01 during trading on Friday, hitting $15.71. The company’s stock had a trading volume of 341,487 shares, compared to its average volume of 301,554. The firm has a market cap of $905.96 million, a price-to-earnings ratio of -31.42 and a beta of -1.60. Codexis has a 52 week low of $5.70 and a 52 week high of $19.60.

In related news, insider John J. Nicols sold 14,259 shares of the stock in a transaction dated Wednesday, August 15th. The shares were sold at an average price of $15.14, for a total value of $215,881.26. Following the completion of the transaction, the insider now directly owns 1,084,538 shares in the company, valued at approximately $16,419,905.32. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Bernard J. Kelley sold 16,666 shares of the stock in a transaction dated Thursday, August 30th. The stock was sold at an average price of $17.15, for a total transaction of $285,821.90. Following the completion of the transaction, the director now owns 242,334 shares of the company’s stock, valued at $4,156,028.10. The disclosure for this sale can be found here. Over the last quarter, insiders sold 508,329 shares of company stock valued at $8,354,797. 11.40% of the stock is owned by company insiders.

Institutional investors have recently modified their holdings of the stock. Campbell & CO Investment Adviser LLC bought a new position in shares of Codexis in the 2nd quarter worth about $146,000. Financial Architects Inc increased its stake in Codexis by 36.3% during the 3rd quarter. Financial Architects Inc now owns 15,130 shares of the biotechnology company’s stock valued at $259,000 after purchasing an additional 4,027 shares in the last quarter. GSA Capital Partners LLP bought a new stake in Codexis during the 2nd quarter valued at about $243,000. Metropolitan Life Insurance Co. NY increased its stake in Codexis by 25.3% during the 2nd quarter. Metropolitan Life Insurance Co. NY now owns 17,210 shares of the biotechnology company’s stock valued at $248,000 after purchasing an additional 3,475 shares in the last quarter. Finally, California Public Employees Retirement System bought a new stake in Codexis during the 2nd quarter valued at about $261,000. Institutional investors own 77.40% of the company’s stock.

CDXS has been the subject of several research analyst reports. Zacks Investment Research raised shares of Codexis from a “hold” rating to a “buy” rating and set a $16.00 target price for the company in a research report on Thursday, August 16th. BidaskClub cut shares of Codexis from a “buy” rating to a “hold” rating in a research report on Saturday, October 13th. Finally, Craig Hallum raised their target price on shares of Codexis from $15.00 to $20.00 and gave the stock a “buy” rating in a research report on Wednesday, September 5th. One research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $16.40.

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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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Earnings History for Codexis (NASDAQ:CDXS)

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