Nantahala Capital Management LLC Buys Shares of 3,623,613 Codexis, Inc. $CDXS

Key Points

• Nantahala Capital Management acquired 3.62 million Codexis shares worth approximately $8.19 million, representing about 3.31% of the company. Institutional investors collectively own 78.54% of Codexis.
• Codexis reported quarterly revenue of $14.91 million and a loss of $0.13 per share, slightly surpassing analyst expectations; analysts project a full-year loss of $0.37 per share.
• The stock opened at $1.59, while analyst sentiment remains mixed with an overall “Hold” rating and a consensus price target of $6.50.

Nantahala Capital Management LLC bought a new position in shares of Codexis, Inc. (NASDAQ:CDXS - Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 3,623,613 shares of the biotechnology company's stock, valued at approximately $8,189,365. Nantahala Capital Management LLC owned approximately 3.31% of Codexis as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. BlackRock Inc. purchased a new position in Codexis in the second quarter valued at $16,463,000. Millennium Management LLC raised its position in Codexis by 3,376.5% in the 3rd quarter. Millennium Management LLC now owns 4,067,559 shares of the biotechnology company's stock valued at $9,925,000 after purchasing an additional 3,950,557 shares in the last quarter. Opaleye Management Inc. boosted its stake in shares of Codexis by 32.6% in the 2nd quarter. Opaleye Management Inc. now owns 12,600,000 shares of the biotechnology company's stock valued at $30,744,000 after buying an additional 3,100,000 shares during the period. Prescott Group Capital Management L.L.C. boosted its stake in shares of Codexis by 304.1% in the 4th quarter. Prescott Group Capital Management L.L.C. now owns 2,568,359 shares of the biotechnology company's stock valued at $4,186,000 after buying an additional 1,932,814 shares during the period. Finally, Man Group plc acquired a new position in shares of Codexis during the second quarter worth about $1,278,000. Hedge funds and other institutional investors own 78.54% of the company's stock.

Codexis Stock Performance

Shares of Codexis stock opened at $1.59 on Friday. The company has a quick ratio of 2.99, a current ratio of 3.06 and a debt-to-equity ratio of 1.03. Codexis, Inc. has a 52 week low of $0.96 and a 52 week high of $2.98. The firm's 50 day moving average is $1.92 and its two-hundred day moving average is $1.99. The firm has a market capitalization of $174.12 million, a P/E ratio of -4.68 and a beta of 2.54.

Codexis (NASDAQ:CDXS - Get Free Report) last issued its quarterly earnings data on Tuesday, August 11th. The biotechnology company reported ($0.13) earnings per share for the quarter, topping the consensus estimate 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 business had revenue of $14.91 million during the quarter, compared to the consensus estimate of $13.82 million. Research analysts forecast that Codexis, Inc. will post -0.37 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

CDXS has been the topic of a number of analyst reports. Piper Sandler reduced their price objective on shares of Codexis from $9.00 to $8.00 and set an "overweight" rating on the stock in a report on Monday, August 17th. Benchmark reiterated a "hold" rating on shares of Codexis in a research note on Thursday, August 20th. Weiss Ratings raised Codexis from a "sell (e+)" rating to a "sell (d-)" rating in a report on Monday, July 20th. Wall Street Zen cut Codexis from a "hold" rating to a "sell" rating in a research note on Saturday, August 15th. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Codexis in a report on Wednesday, June 17th. Two research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $6.50.

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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