Codexis, Inc. (CDXS) Downgraded to Hold at Zacks Investment Research

Zacks Investment Research lowered shares of Codexis, Inc. (NASDAQ:CDXS) from a strong-buy rating to a hold rating in a research report report published on Tuesday.

According to Zacks, “Codexis, Inc. is a leading protein engineering company that applies its technology to the development of biocatalysts for the commercial manufacture of pharmaceuticals and fine chemicals. Codexis’ proven technology enables implementation of biocatalytic solutions to meet customer needs for rapid, cost-effective and sustainable manufacturing. “

Separately, Ladenburg Thalmann upgraded shares of Codexis from a neutral rating to a buy rating and set a $6.25 price objective on the stock in a research note on Wednesday, January 4th.

Codexis (NASDAQ:CDXS) traded down 1.98% on Tuesday, hitting $4.95. 70,988 shares of the company were exchanged. The firm’s 50 day moving average is $4.79 and its 200 day moving average is $4.43. Codexis has a 52 week low of $2.93 and a 52 week high of $5.25. The company’s market capitalization is $204.04 million.

Codexis (NASDAQ:CDXS) last issued its quarterly earnings results on Tuesday, November 8th. The company reported $0.09 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.14) by $0.23. Codexis had a negative net margin of 10.60% and a negative return on equity of 5.25%. The business had revenue of $14.90 million for the quarter, compared to analyst estimates of $7.41 million. During the same quarter in the prior year, the business posted $0.19 EPS. Codexis’s revenue for the quarter was down 14.4% compared to the same quarter last year. On average, equities research analysts forecast that Codexis will post ($0.20) earnings per share for the current fiscal year.

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In related news, Director Patrick Y. Yang acquired 10,000 shares of the firm’s stock in a transaction on Tuesday, November 15th. The shares were acquired at an average cost of $4.83 per share, with a total value of $48,300.00. Following the completion of the acquisition, the director now directly owns 320,340 shares in the company, valued at approximately $1,547,242.20. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Corporate insiders own 11.30% of the company’s stock.

A number of institutional investors have recently bought and sold shares of CDXS. Blair William & Co. IL bought a new position in Codexis during the second quarter valued at about $100,000. The Manufacturers Life Insurance Company bought a new position in Codexis during the third quarter valued at about $115,000. Wells Fargo & Company MN increased its position in Codexis by 412.3% in the third quarter. Wells Fargo & Company MN now owns 26,279 shares of the company’s stock valued at $117,000 after buying an additional 21,149 shares during the last quarter. Rhumbline Advisers bought a new position in Codexis during the second quarter valued at about $123,000. Finally, Campbell & CO Investment Adviser LLC bought a new position in Codexis during the third quarter valued at about $140,000. 57.45% of the stock is currently owned by institutional investors and hedge funds.

Codexis Company Profile

Codexis, Inc is a developer of biocatalysts for the pharmaceutical and fine chemicals markets. The Company’s CodeEvolver protein engineering technology platform, which introduces genetic mutations into genes in order to give rise to changes in the enzymes that they produce, overcomes many of the limitations, allowing customers to evolve and optimize biocatalysts to perform specific and desired chemical reactions at commercial scale.

5 Day Chart for NASDAQ:CDXS

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