Codexis, Inc. (NASDAQ:CDXS) shares dropped 5.5% during trading on Monday . The company traded as low as $16.37 and last traded at $16.51. Approximately 673,134 shares changed hands during trading, an increase of 79% from the average daily volume of 376,506 shares. The stock had previously closed at $17.47.
CDXS has been the subject of a number of recent analyst reports. BidaskClub lowered shares of Codexis from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, June 13th. Cowen initiated coverage on shares of Codexis in a research report on Tuesday, June 19th. They issued an “outperform” rating and a $18.00 target price for the company. Zacks Investment Research upgraded shares of Codexis from a “hold” rating to a “buy” rating and set a $16.00 target price for the company in a research report on Thursday, August 16th. Finally, Craig Hallum upped their target price on shares of Codexis from $15.00 to $20.00 and gave the stock a “buy” rating in a research report on Wednesday, September 5th. Seven equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Codexis presently has an average rating of “Buy” and a consensus price target of $15.50.
The stock has a market capitalization of $917.74 million, a PE ratio of -34.58 and a beta of -2.07.
Codexis (NASDAQ:CDXS) last announced its earnings results on Wednesday, August 8th. The biotechnology company reported ($0.07) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.13) by $0.06. Codexis had a negative net margin of 29.83% and a negative return on equity of 61.93%. The company had revenue of $13.54 million during the quarter, compared to analyst estimates of $11.87 million. On average, analysts predict that Codexis, Inc. will post -0.2 earnings per share for the current fiscal year.
In other Codexis news, Director Byron L. Dorgan sold 10,000 shares of the company’s stock in a transaction dated Monday, July 16th. The shares were sold at an average price of $15.49, for a total transaction of $154,900.00. Following the completion of the sale, the director now directly owns 190,593 shares in the company, valued at $2,952,285.57. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Patrick Y. Yang sold 150,340 shares of the company’s stock in a transaction dated Thursday, August 16th. The shares were sold at an average price of $14.45, for a total transaction of $2,172,413.00. Following the sale, the director now owns 120,896 shares of the company’s stock, valued at $1,746,947.20. The disclosure for this sale can be found here. Insiders sold 583,329 shares of company stock valued at $9,513,697 over the last quarter. 11.40% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Northern Trust Corp boosted its position in Codexis by 34.8% during the second quarter. Northern Trust Corp now owns 580,725 shares of the biotechnology company’s stock valued at $8,362,000 after buying an additional 149,833 shares during the period. Bank of New York Mellon Corp boosted its position in Codexis by 17.3% during the second quarter. Bank of New York Mellon Corp now owns 204,032 shares of the biotechnology company’s stock valued at $2,939,000 after buying an additional 30,124 shares during the period. California Public Employees Retirement System purchased a new stake in Codexis during the second quarter valued at about $261,000. Castleark Management LLC purchased a new stake in Codexis during the second quarter valued at about $6,239,000. Finally, Metropolitan Life Insurance Co. NY boosted its position in Codexis by 25.3% during the second quarter. Metropolitan Life Insurance Co. NY now owns 17,210 shares of the biotechnology company’s stock valued at $248,000 after buying an additional 3,475 shares during the period. Institutional investors and hedge funds own 77.35% of the company’s stock.
Codexis Company Profile (NASDAQ:CDXS)
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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