Codexis (NASDAQ:CDXS) Stock Passes Above 200-Day Moving Average - Time to Sell?

Key Points

• Codexis shares have recently surpassed their two hundred day moving average, indicating potential upward momentum in the stock's performance.
• Wall Street analysts have upgraded Codexis's rating from "strong sell" to "hold," reflecting a more positive outlook for the company.
• The company reported revenues of $15.33 million for the last quarter, exceeding analyst expectations, though it still posted a negative earnings per share of ($0.16).

Codexis, Inc. (NASDAQ:CDXS - Get Free Report)'s stock price crossed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $2.83 and traded as high as $3.87. Codexis shares last traded at $3.10, with a volume of 3,015,397 shares traded.

Analyst Ratings Changes

Separately, Wall Street Zen raised shares of Codexis from a "strong sell" rating to a "hold" rating in a research report on Saturday. One investment analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $11.00.

Codexis Price Performance

The company has a current ratio of 5.82, a quick ratio of 5.70 and a debt-to-equity ratio of 0.71. The company has a market cap of $261.33 million, a PE ratio of -3.49 and a beta of 2.54. The firm has a 50 day moving average of $2.73 and a two-hundred day moving average of $2.79.

Codexis (NASDAQ:CDXS - Get Free Report) last issued its earnings results on Wednesday, August 13th. The biotechnology company reported ($0.16) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.17) by $0.01. The business 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%. Research analysts predict that Codexis, Inc. will post -0.77 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Codexis

Hedge funds and other institutional investors have recently modified their holdings of the company. Summit Investment Advisors Inc. lifted its holdings in shares of Codexis by 81.4% during the 4th quarter. Summit Investment Advisors Inc. now owns 8,428 shares of the biotechnology company's stock valued at $40,000 after buying an additional 3,783 shares during the period. Integrity Alliance LLC. purchased a new stake in Codexis in the 1st quarter worth $30,000. Wolverine Trading LLC purchased a new stake in Codexis in the 4th quarter worth $56,000. Fiduciary Trust Co purchased a new stake in Codexis in the 4th quarter worth $65,000. Finally, Group One Trading LLC purchased a new position in shares of Codexis during the fourth quarter valued at about $73,000. 78.54% of the stock is 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.