Mink Brook Asset Management LLC Acquires New Position in Codexis, Inc. $CDXS

Key Points

• Mink Brook Asset Management LLC has purchased 126,642 shares of Codexis, Inc. for approximately $341,000, making it the company's 23rd largest position in its portfolio.
• During the first quarter, US Bancorp DE increased its holdings in Codexis by an extraordinary 11,125.0%, alongside several other hedge funds that also acquired new positions.
• Codexis reported an earnings per share of ($0.16), surpassing analysts' expectations, with a revenue of $15.33 million for the latest quarter, while the stock has an average target price of $11.00 after recent upgrades.

Mink Brook Asset Management LLC bought a new stake in shares of Codexis, Inc. (NASDAQ:CDXS - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund bought 126,642 shares of the biotechnology company's stock, valued at approximately $341,000. Codexis accounts for approximately 0.4% of Mink Brook Asset Management LLC's portfolio, making the stock its 23rd largest holding. Mink Brook Asset Management LLC owned 0.15% of Codexis at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the company. JPMorgan Chase & Co. raised its stake in shares of Codexis by 484.4% in the fourth quarter. JPMorgan Chase & Co. now owns 183,906 shares of the biotechnology company's stock worth $877,000 after purchasing an additional 152,438 shares during the last quarter. Wells Fargo & Company MN grew its holdings in shares of Codexis by 48.0% in the fourth quarter. Wells Fargo & Company MN now owns 47,211 shares of the biotechnology company's stock valued at $225,000 after acquiring an additional 15,303 shares in the last quarter. Envestnet Asset Management Inc. lifted its holdings in Codexis by 55.5% during the fourth quarter. Envestnet Asset Management Inc. now owns 309,713 shares of the biotechnology company's stock worth $1,477,000 after acquiring an additional 110,541 shares during the period. Barclays PLC grew its stake in Codexis by 14.2% in the 4th quarter. Barclays PLC now owns 237,176 shares of the biotechnology company's stock valued at $1,131,000 after purchasing an additional 29,548 shares during the period. Finally, MetLife Investment Management LLC increased its position in shares of Codexis by 162.4% during the 4th quarter. MetLife Investment Management LLC now owns 46,160 shares of the biotechnology company's stock valued at $220,000 after purchasing an additional 28,569 shares during the last quarter. 78.54% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, Wall Street Zen raised shares of Codexis from a "strong sell" rating to a "hold" rating in a research report on Saturday, August 16th. One equities research 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 an average rating of "Moderate Buy" and a consensus price target of $11.00.

Codexis Price Performance

NASDAQ:CDXS traded up $0.05 during mid-day trading on Thursday, hitting $2.72. 676,221 shares of the stock traded hands, compared to its average volume of 918,085. The business's 50-day moving average price is $2.79 and its 200 day moving average price is $2.73. The company has a quick ratio of 5.70, a current ratio of 5.82 and a debt-to-equity ratio of 0.71. The company has a market cap of $245.53 million, a PE ratio of -3.28 and a beta of 2.54. Codexis, Inc. has a 12-month low of $1.90 and a 12-month high of $6.08.

Codexis (NASDAQ:CDXS - Get Free Report) last announced its earnings results on Wednesday, August 13th. The biotechnology company reported ($0.16) earnings per share for the quarter, topping analysts' consensus estimates of ($0.17) by $0.01. The business had revenue of $15.33 million for the quarter, compared to analyst estimates of $14.18 million. Codexis had a negative return on equity of 105.83% and a negative net margin of 113.67%. On average, analysts expect that Codexis, Inc. will post -0.77 EPS for the current fiscal year.

About Codexis

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.