Codexis (CDXS) Downgraded by Zacks Investment Research

Zacks Investment Research downgraded shares of Codexis (NASDAQ:CDXS) from a strong-buy rating to a hold rating in a report released on Monday.

According to Zacks, “Codexis, Inc. is a leading protein engineering company that applies its technology to the development of biocatalysts for the commercial manufacture of pharmaceuticals and fine chemicals. Codexis’ proven technology enables implementation of biocatalytic solutions to meet customer needs for rapid, cost-effective and sustainable manufacturing. “

Several other equities analysts have also recently commented on CDXS. Cowen initiated coverage on Codexis in a report on Tuesday, June 19th. They issued an outperform rating and a $18.00 price target for the company. BidaskClub raised Codexis from a buy rating to a strong-buy rating in a report on Wednesday, June 20th. Finally, Craig Hallum upped their price target on Codexis from $15.00 to $20.00 and gave the company a buy rating in a report on Wednesday, September 5th. Two research analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. Codexis has a consensus rating of Buy and a consensus target price of $16.40.

NASDAQ CDXS opened at $15.99 on Monday. Codexis has a twelve month low of $5.70 and a twelve month high of $19.60. The stock has a market cap of $917.74 million, a P/E ratio of -31.98 and a beta of -2.07.

Codexis (NASDAQ:CDXS) last posted its quarterly earnings results on Wednesday, August 8th. The biotechnology company reported ($0.07) EPS for the quarter, beating the consensus estimate of ($0.13) by $0.06. The firm had revenue of $13.54 million during the quarter, compared to analysts’ expectations of $11.87 million. Codexis had a negative return on equity of 61.93% and a negative net margin of 29.83%. Analysts forecast that Codexis will post -0.2 earnings per share for the current fiscal year.

In other Codexis news, CFO Gordon Sangster sold 80,000 shares of the company’s stock in a transaction that occurred on Wednesday, October 3rd. The stock was sold at an average price of $16.94, for a total value of $1,355,200.00. Following the completion of the transaction, the chief financial officer now owns 174,453 shares of the company’s stock, valued at approximately $2,955,233.82. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Patrick Y. Yang sold 150,340 shares of the company’s stock in a transaction that occurred on Thursday, August 16th. The shares were sold at an average price of $14.45, for a total value of $2,172,413.00. Following the completion of the transaction, the director now directly owns 120,896 shares of the company’s stock, valued at approximately $1,746,947.20. The disclosure for this sale can be found here. In the last ninety days, insiders sold 508,329 shares of company stock valued at $8,354,797. Insiders own 11.40% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of the company. Northern Trust Corp raised its holdings in shares of Codexis by 34.8% in the 2nd quarter. Northern Trust Corp now owns 580,725 shares of the biotechnology company’s stock worth $8,362,000 after buying an additional 149,833 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Codexis by 17.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 204,032 shares of the biotechnology company’s stock worth $2,939,000 after buying an additional 30,124 shares in the last quarter. California Public Employees Retirement System acquired a new position in shares of Codexis in the 2nd quarter worth approximately $261,000. Castleark Management LLC acquired a new position in shares of Codexis in the 2nd quarter worth approximately $6,239,000. Finally, Metropolitan Life Insurance Co. NY raised its holdings in shares of Codexis by 25.3% in the 2nd quarter. Metropolitan Life Insurance Co. NY now owns 17,210 shares of the biotechnology company’s stock worth $248,000 after buying an additional 3,475 shares in the last quarter. 77.35% of the stock is owned by institutional investors and hedge funds.

About Codexis

Codexis, Inc discovers, develops, and sells protein catalysts. It also offers intermediate chemicals products that are used for further chemical processing; and Codex biocatalyst panels and kits that enable customers to perform chemistry screening. The company also provides protein catalyst screening and protein engineering services.

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