Codexis (NASDAQ:CDXS) Upgraded to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Codexis (NASDAQ:CDXS) from a hold rating to a buy rating in a research report released on Wednesday morning, Zacks.com reports. They currently have $16.00 target price on the biotechnology company’s stock.

According to Zacks, “Codexis is a leading protein engineering company that applies its proprietary CodeEvolver technology to develop proteins for a variety of applications, including as biocatalysts for the commercial manufacture of pharmaceuticals, fine chemicals and industrial enzymes, and enzymes as biotherapeutics and for use in molecular diagnostics. CodexisÂ’ proven technology enables improvements in protein performance, meeting customer needs for rapid, cost-effective and sustainable manufacturing in multiple commercial-scale implementations of biocatalytic processes. “

Other analysts have also recently issued research reports about the stock. BidaskClub cut shares of Codexis from a sell rating to a strong sell rating in a research note on Saturday, October 26th. HC Wainwright reissued a buy rating and issued a $22.50 price target on shares of Codexis in a research note on Thursday, August 8th. One research analyst has rated the stock with a sell rating, one has given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of Buy and a consensus target price of $21.25.

Shares of CDXS traded up $0.49 during trading hours on Wednesday, reaching $15.50. 385,300 shares of the company traded hands, compared to its average volume of 406,818. The business has a fifty day moving average price of $13.75 and a 200-day moving average price of $16.39. Codexis has a 12-month low of $12.68 and a 12-month high of $23.05. The company has a quick ratio of 6.26, a current ratio of 6.30 and a debt-to-equity ratio of 0.26. The stock has a market capitalization of $817.02 million, a P/E ratio of -73.81 and a beta of -0.09.

Codexis (NASDAQ:CDXS) last posted its quarterly earnings results on Tuesday, November 5th. The biotechnology company reported $0.01 earnings per share for the quarter, beating the consensus estimate of ($0.09) by $0.10. Codexis had a negative net margin of 17.85% and a negative return on equity of 17.11%. The business had revenue of $21.91 million during the quarter, compared to analysts’ expectations of $16.56 million. As a group, research analysts predict that Codexis will post -0.21 EPS for the current fiscal year.

In other news, Director Bernard J. Kelley sold 14,684 shares of the firm’s stock in a transaction on Friday, September 6th. The shares were sold at an average price of $13.87, for a total value of $203,667.08. Following the sale, the director now directly owns 226,868 shares in the company, valued at approximately $3,146,659.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Patrick Y. Yang acquired 6,000 shares of Codexis stock in a transaction dated Tuesday, September 3rd. The stock was purchased at an average price of $13.97 per share, for a total transaction of $83,820.00. Following the completion of the acquisition, the director now directly owns 76,764 shares in the company, valued at approximately $1,072,393.08. The disclosure for this purchase can be found here. Over the last quarter, insiders have acquired 58,000 shares of company stock worth $634,300. 10.70% of the stock is owned by company insiders.

A number of large investors have recently made changes to their positions in CDXS. Sumitomo Mitsui Trust Holdings Inc. raised its stake in Codexis by 79.1% during the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,402,457 shares of the biotechnology company’s stock worth $19,235,000 after acquiring an additional 619,524 shares in the last quarter. Nikko Asset Management Americas Inc. raised its stake in Codexis by 79.1% during the 3rd quarter. Nikko Asset Management Americas Inc. now owns 1,402,457 shares of the biotechnology company’s stock worth $19,235,000 after acquiring an additional 619,524 shares in the last quarter. Granite Investment Partners LLC acquired a new stake in Codexis during the 2nd quarter worth $10,448,000. First Light Asset Management LLC raised its stake in Codexis by 66.6% during the 2nd quarter. First Light Asset Management LLC now owns 1,205,523 shares of the biotechnology company’s stock worth $22,218,000 after acquiring an additional 481,763 shares in the last quarter. Finally, Assenagon Asset Management S.A. acquired a new stake in Codexis during the 3rd quarter worth $4,431,000. Hedge funds and other institutional investors own 89.27% 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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