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

Key Points

• Codexis shares climbed above their 200-day moving average on Wednesday, trading as high as $2.23 and last changing hands at $2.21, up 3.8% for the day.
• Wall Street sentiment remains mixed but cautious, with Codexis carrying a consensus rating of “Hold” and an average price target of $5.00 after recent analyst actions included upgrades and downgrades.
• Latest earnings topped expectations, as the biotechnology company reported a smaller-than-expected quarterly loss and revenue above estimates, though it still posted negative margins and a weak full-year earnings outlook.

Shares of Codexis, Inc. (NASDAQ:CDXS - Get Free Report) crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $1.98 and traded as high as $2.23. Codexis shares last traded at $2.21, with a volume of 495,022 shares traded.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on CDXS. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Codexis in a research report on Wednesday, June 17th. Weiss Ratings downgraded shares of Codexis from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Friday, May 22nd. Finally, Wall Street Zen lowered shares of Codexis from a "buy" rating to a "hold" rating in a research note on Sunday, May 3rd. One investment analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, Codexis presently has a consensus rating of "Hold" and an average price target of $5.00.

Codexis Stock Up 3.8%

The company has a debt-to-equity ratio of 0.94, a current ratio of 5.36 and a quick ratio of 5.23. The business has a 50 day simple moving average of $2.51 and a 200 day simple moving average of $1.98. The stock has a market cap of $200.88 million, a PE ratio of -5.97 and a beta of 2.50.

Codexis (NASDAQ:CDXS - Get Free Report) last posted its quarterly earnings results on Thursday, May 7th. The biotechnology company reported ($0.10) earnings per share for the quarter, topping analysts' consensus estimates of ($0.11) by $0.01. The company had revenue of $15.25 million during the quarter, compared to the consensus estimate of $14.53 million. Codexis had a negative return on equity of 68.09% and a negative net margin of 40.97%. On average, equities research analysts forecast that Codexis, Inc. will post -0.36 EPS for the current fiscal year.

Hedge Funds Weigh In On Codexis

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CDXS. Victory Capital Management Inc. bought a new stake in Codexis in the third quarter worth approximately $25,000. State of Wyoming bought a new position in shares of Codexis during the 2nd quarter valued at $25,000. CIBC Bancorp USA Inc. bought a new position in shares of Codexis during the 3rd quarter valued at $26,000. Navalign LLC acquired a new stake in shares of Codexis in the 4th quarter valued at $25,000. Finally, BNP Paribas Financial Markets lifted its stake in shares of Codexis by 93.8% in the 3rd quarter. BNP Paribas Financial Markets now owns 16,608 shares of the biotechnology company's stock valued at $41,000 after purchasing an additional 8,038 shares during the last quarter. Institutional investors own 78.54% of the company's stock.

Codexis Company Profile

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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