Short Interest in Codexis, Inc. (NASDAQ:CDXS) Drops By 5.7%

Codexis, Inc. (NASDAQ:CDXS) was the recipient of a significant decrease in short interest during the month of September. As of September 15th, there was short interest totalling 2,170,000 shares, a decrease of 5.7% from the August 31st total of 2,300,000 shares. Based on an average daily volume of 564,200 shares, the days-to-cover ratio is presently 3.8 days.

Codexis Price Performance

Codexis stock opened at $3.04 on Wednesday. The firm has a fifty day moving average of $3.04 and a 200-day moving average of $3.16. Codexis has a 52-week low of $1.51 and a 52-week high of $4.91. The company has a quick ratio of 2.92, a current ratio of 2.99 and a debt-to-equity ratio of 0.46. The firm has a market capitalization of $214.50 million, a P/E ratio of -3.27 and a beta of 2.07.

Codexis (NASDAQ:CDXS) last released 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 analysts’ expectations of $7.64 million. Codexis had a negative net margin of 125.41% and a negative return on equity of 64.06%. During the same period last year, the business earned ($0.17) earnings per share. As a group, analysts predict that Codexis will post -0.75 EPS for the current year.

Insider Activity at Codexis

In other Codexis news, major shareholder Opaleye Management Inc. purchased 61,000 shares of the stock in a transaction on Wednesday, September 18th. The stock was bought at an average price of $3.16 per share, for a total transaction of $192,760.00. Following the acquisition, the insider now directly owns 7,380,000 shares of the company’s stock, valued at $23,320,800. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Over the last ninety days, insiders acquired 1,166,000 shares of company stock worth $3,514,910. 2.10% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Codexis

Hedge funds have recently modified their holdings of the stock. Rhumbline Advisers grew its position in Codexis by 3.8% in the second quarter. Rhumbline Advisers now owns 108,594 shares of the biotechnology company’s stock valued at $337,000 after acquiring an additional 4,017 shares in the last quarter. Algert Global LLC grew its holdings in Codexis by 17.1% during the 2nd quarter. Algert Global LLC now owns 41,556 shares of the biotechnology company’s stock valued at $129,000 after purchasing an additional 6,069 shares in the last quarter. State Board of Administration of Florida Retirement System increased its stake in Codexis by 57.4% during 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 buying an additional 10,395 shares during the period. SG Americas Securities LLC lifted its holdings in Codexis by 72.6% in the 2nd quarter. SG Americas Securities LLC now owns 36,677 shares of the biotechnology company’s stock worth $114,000 after buying an additional 15,425 shares in the last quarter. Finally, American Century Companies Inc. lifted its holdings in Codexis by 18.9% in the 2nd quarter. American Century Companies Inc. now owns 100,734 shares of the biotechnology company’s stock worth $312,000 after buying an additional 16,019 shares in the last quarter. 78.54% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Cantor Fitzgerald restated an “overweight” rating and set a $11.00 price objective on shares of Codexis in a report on Friday, September 20th. Benchmark lowered 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 assigned a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $8.75.

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.