Codexis (NASDAQ:CDXS) Cut to "Sell" at Wall Street Zen

Key Points

• Wall Street Zen downgraded Codexis to “Sell” from “Hold,” while the broader analyst consensus remains “Hold” with a $5.00 target price.
• Codexis shares fell 2.5% to open at $1.56, well below their 12-month high of $3.25. The company remains unprofitable, with a negative net margin of 39.55% and projected full-year loss of $0.37 per share.
• The biotechnology company slightly exceeded quarterly expectations, reporting a $0.13 per-share loss versus the $0.14 expected and revenue of $14.91 million versus the $13.82 million estimate. Institutional investors and hedge funds own 78.54% of the stock.

Codexis (NASDAQ:CDXS - Get Free Report) was downgraded by Wall Street Zen from a "hold" rating to a "sell" rating in a report issued on Saturday.

Several other analysts also recently weighed in on CDXS. Cantor Fitzgerald reiterated an "overweight" rating on shares of Codexis in a research note on Wednesday, June 17th. Weiss Ratings upgraded Codexis from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Monday, July 20th. One research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $5.00.

Codexis Trading Down 2.5%

NASDAQ:CDXS opened at $1.56 on Friday. Codexis has a 12 month low of $0.96 and a 12 month high of $3.25. The firm has a fifty day simple moving average of $2.09 and a 200-day simple moving average of $1.97. The company has a current ratio of 3.06, a quick ratio of 5.23 and a debt-to-equity ratio of 1.03. The company has a market capitalization of $170.84 million, a P/E ratio of -4.59 and a beta of 2.54.

Codexis (NASDAQ:CDXS - Get Free Report) last announced its quarterly earnings data on Tuesday, August 11th. The biotechnology company reported ($0.13) earnings per share for the quarter, beating analysts' consensus estimates of ($0.14) by $0.01. Codexis had a negative net margin of 39.55% and a negative return on equity of 74.36%. The firm had revenue of $14.91 million for the quarter, compared to analyst estimates of $13.82 million. On average, equities research analysts anticipate that Codexis will post -0.37 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CDXS. Victory Capital Management Inc. purchased a new stake in Codexis in the third quarter valued at $25,000. State of Wyoming purchased a new position in shares of Codexis during the 2nd quarter valued at about $25,000. CIBC Bancorp USA Inc. acquired a new position in shares of Codexis in the 3rd quarter valued at about $26,000. EP Wealth Advisors LLC acquired a new position in shares of Codexis in the 2nd quarter valued at about $35,000. Finally, Navalign LLC acquired a new position in shares of Codexis in the 4th quarter valued at about $25,000. 78.54% of the stock is currently owned by institutional investors and hedge funds.

About Codexis

Codexis, Inc, headquartered in Redwood City, California, is a leading protein engineering company focused on the development of innovative enzyme solutions for pharmaceutical, food and beverage, and specialty chemical applications. The company’s proprietary directed evolution platform, CodeEvolver®, enables the rapid identification and optimization of enzymes with enhanced activity, selectivity and stability. By leveraging this technology, Codexis provides custom biocatalysts designed to improve manufacturing efficiency and reduce environmental impact.

Since its founding in 2002, Codexis has expanded its capabilities from early-stage research to commercial-scale production.

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