Codexis (CDXS) Reaches New 12-Month High Following Analyst Upgrade

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Codexis, Inc. (NASDAQ:CDXS) shares hit a new 52-week high during trading on Thursday after Craig Hallum raised their price target on the stock from $15.00 to $20.00. Craig Hallum currently has a buy rating on the stock. Codexis traded as high as $18.20 and last traded at $17.75, with a volume of 7247 shares traded. The stock had previously closed at $18.00.

Other research analysts have also recently issued research reports about the company. BidaskClub upgraded Codexis from a “hold” rating to a “buy” rating in a research report on Wednesday, August 29th. Zacks Investment Research upgraded Codexis from a “hold” rating to a “buy” rating and set a $16.00 price target on the stock in a research report on Thursday, August 16th. Cowen started coverage on Codexis in a research report on Tuesday, June 19th. They issued an “outperform” rating and a $18.00 price target on the stock. Finally, Stephens started coverage on Codexis in a research report on Wednesday, May 16th. They issued an “overweight” rating and a $16.00 price target on the stock. Seven analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $15.50.

In other Codexis news, Director Bernard J. Kelley sold 16,666 shares of Codexis stock in a transaction dated Thursday, August 30th. The stock was sold at an average price of $17.15, for a total value of $285,821.90. Following the transaction, the director now owns 242,334 shares in the company, valued at $4,156,028.10. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO John J. Nicols sold 7,207 shares of Codexis stock in a transaction dated Friday, June 8th. The shares were sold at an average price of $15.35, for a total value of $110,627.45. Following the completion of the transaction, the chief executive officer now owns 1,079,886 shares in the company, valued at approximately $16,576,250.10. The disclosure for this sale can be found here. Insiders sold 353,701 shares of company stock worth $5,318,005 in the last 90 days. 11.40% of the stock is owned by company insiders.

Institutional investors have recently added to or reduced their stakes in the business. Citadel Advisors LLC acquired a new stake in shares of Codexis during the first quarter valued at about $138,000. Campbell & CO Investment Adviser LLC acquired a new stake in shares of Codexis during the second quarter valued at about $146,000. Trexquant Investment LP acquired a new stake in shares of Codexis during the first quarter valued at about $148,000. GSA Capital Partners LLP acquired a new stake in shares of Codexis during the second quarter valued at about $243,000. Finally, Metropolitan Life Insurance Co. NY boosted its stake in shares of Codexis by 25.3% during the second 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. Hedge funds and other institutional investors own 77.35% of the company’s stock.

The company has a market cap of $920.41 million, a P/E ratio of -36.00 and a beta of -2.07.

Codexis (NASDAQ:CDXS) last posted its quarterly earnings data on Wednesday, August 8th. The biotechnology company reported ($0.07) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.13) by $0.06. The company had revenue of $13.54 million for the quarter, compared to analyst estimates of $11.87 million. Codexis had a negative return on equity of 61.93% and a negative net margin of 29.83%. equities analysts expect that Codexis, Inc. will post -0.2 EPS for the current fiscal year.

About Codexis (NASDAQ:CDXS)

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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