Codexis (NASDAQ:CDXS) Issues Quarterly Earnings Results

Key Points

• Codexis reported a quarterly loss of ($0.16) earnings per share, slightly surpassing Wall Street's expectation of ($0.17).
• The company experienced a notable stock increase of 6.6% during trading hours, reaching a share price of $3.05.
• Institutional investors own approximately 78.54% of Codexis, with significant stakes added by major funds like Royal Bank of Canada and Invesco Ltd.

Codexis (NASDAQ:CDXS - Get Free Report) issued its earnings results on Wednesday. The biotechnology company reported ($0.16) earnings per share for the quarter, topping analysts' consensus estimates of ($0.17) by $0.01, Zacks reports. The firm had revenue of $15.33 million during the quarter, compared to analysts' expectations of $14.18 million. Codexis had a negative net margin of 113.67% and a negative return on equity of 105.83%.

Codexis Price Performance

Shares of CDXS traded up $0.04 on Monday, hitting $3.05. The company's stock had a trading volume of 336,498 shares, compared to its average volume of 883,089. The company has a market capitalization of $274.87 million, a PE ratio of -3.67 and a beta of 2.54. Codexis has a fifty-two week low of $1.90 and a fifty-two week high of $6.08. The company has a 50 day moving average price of $2.72 and a 200 day moving average price of $2.80. The company has a debt-to-equity ratio of 0.71, a current ratio of 5.82 and a quick ratio of 5.70.

Analyst Ratings Changes

Separately, Wall Street Zen upgraded shares of Codexis from a "strong sell" rating to a "hold" rating in a report on Saturday.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Bridgeway Capital Management LLC raised its stake in Codexis by 6.7% during the 2nd quarter. Bridgeway Capital Management LLC now owns 100,908 shares of the biotechnology company's stock worth $246,000 after buying an additional 6,300 shares during the period. Ameriprise Financial Inc. increased its holdings in Codexis by 0.6% during the second quarter. Ameriprise Financial Inc. now owns 2,550,806 shares of the biotechnology company's stock worth $6,224,000 after buying an additional 16,099 shares during the last quarter. Rhumbline Advisers raised its holdings in shares of Codexis by 25.9% in the 2nd quarter. Rhumbline Advisers now owns 135,556 shares of the biotechnology company's stock valued at $331,000 after purchasing an additional 27,897 shares during the period. Invesco Ltd. lifted its position in shares of Codexis by 42.4% in the second quarter. Invesco Ltd. now owns 96,078 shares of the biotechnology company's stock valued at $234,000 after buying an additional 28,631 shares during the last quarter. Finally, XTX Topco Ltd acquired a new stake in shares of Codexis during the 2nd quarter worth about $116,000. 78.54% of the stock is currently owned by institutional investors.

Codexis Company Profile

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.