Codexis (NASDAQ:CDXS) Upgraded to “Hold” at Wall Street Zen

Wall Street Zen upgraded shares of Codexis (NASDAQ:CDXS) from a sell rating to a hold rating in a report issued on Saturday morning,Wall Street Zen reports.

A number of other equities research analysts have also weighed in on CDXS. Benchmark reiterated a “hold” rating on shares of Codexis in a research note on Thursday, August 20th. Weiss Ratings upgraded Codexis from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday, October 23rd. Finally, Piper Sandler dropped their price target on Codexis from $9.00 to $8.00 and set an “overweight” rating on the stock in a research note on Monday, August 17th. Two analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $6.50.

Codexis Stock Performance

Shares of Codexis stock traded up $0.20 during trading on Friday, hitting $1.16. 2,498,648 shares of the company’s stock traded hands, compared to its average volume of 888,388. Codexis has a 1 year low of $0.90 and a 1 year high of $2.98. The business has a 50-day simple moving average of $1.29 and a 200-day simple moving average of $1.78. The stock has a market capitalization of $127.03 million, a P/E ratio of -5.80 and a beta of 2.38. The company has a debt-to-equity ratio of 1.03, a current ratio of 3.06 and a quick ratio of 2.99.

Codexis (NASDAQ:CDXS) last issued its earnings results on Thursday, November 12th. The biotechnology company reported ($0.08) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.02. The business had revenue of $19.26 million during the quarter, compared to analyst estimates of $18.72 million. Codexis had a negative return on equity of 45.54% and a negative net margin of 21.77%. As a group, analysts forecast that Codexis will post -0.37 EPS for the current year.

Hedge Funds Weigh In On Codexis

Institutional investors and hedge funds have recently made changes to their positions in the business. Aberdeen Group plc grew its position in Codexis by 59.5% during the third quarter. Aberdeen Group plc now owns 10,797,702 shares of the biotechnology company’s stock valued at $15,009,000 after buying an additional 4,027,748 shares during the period. BlackRock Inc. bought a new position in Codexis in the second quarter worth approximately $16,463,000. Nantahala Capital Management LLC bought a new position in Codexis in the second quarter worth approximately $8,189,365. Assenagon Asset Management S.A. boosted its stake in shares of Codexis by 70.2% during the 2nd quarter. Assenagon Asset Management S.A. now owns 1,278,206 shares of the biotechnology company’s stock worth $2,889,000 after acquiring an additional 527,036 shares during the last quarter. Finally, Private Advisor Group LLC purchased a new position in shares of Codexis during the 3rd quarter worth $1,677,000. Hedge funds and other institutional investors own 78.54% of the company’s stock.

About Codexis

Codexis, Inc. is a biotechnology company that develops engineered enzymes for pharmaceutical and other manufacturing applications. Founded in 2002 and based in Redwood City, California, the company uses its protein-engineering platform, CodeEvolver, to design enzymes with properties suited to specific production processes. Codexis supplies enzymes and related development services for the manufacture of small-molecule drugs and other products. It also develops its ECO Synthesis platform, which uses enzymes to support the production of oligonucleotide therapeutics, including RNA-based medicines.