Codexis, Inc. (NASDAQ:CDXS) Sees Large Increase in Short Interest

Codexis, Inc. (NASDAQ:CDXS) was the target of a significant increase in short interest in the month of June. As of June 15th, there was short interest totalling 2,230,000 shares, an increase of 9.9% from the May 31st total of 2,030,000 shares. Based on an average trading volume of 418,200 shares, the days-to-cover ratio is currently 5.3 days.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Opaleye Management Inc. lifted its position in shares of Codexis by 2.4% during the first quarter. Opaleye Management Inc. now owns 3,120,000 shares of the biotechnology company’s stock valued at $10,889,000 after buying an additional 74,475 shares during the last quarter. Kent Lake Capital LLC purchased a new stake in shares of Codexis during the first quarter valued at about $2,197,000. Platinum Investment Management Ltd. purchased a new stake in shares of Codexis during the first quarter valued at about $802,000. Vanguard Group Inc. lifted its position in shares of Codexis by 3.1% during the first quarter. Vanguard Group Inc. now owns 4,258,201 shares of the biotechnology company’s stock valued at $14,861,000 after buying an additional 129,773 shares during the last quarter. Finally, Perkins Capital Management Inc. lifted its position in shares of Codexis by 242.5% during the first quarter. Perkins Capital Management Inc. now owns 159,600 shares of the biotechnology company’s stock valued at $557,000 after buying an additional 113,000 shares during the last quarter. 78.54% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on CDXS shares. Jefferies Financial Group began coverage on shares of Codexis in a research note on Monday, June 3rd. They issued a “buy” rating and a $5.00 target price on the stock. Cantor Fitzgerald began coverage on shares of Codexis in a report on Thursday, May 30th. They issued an “overweight” rating and a $11.00 price target on the stock. Finally, Benchmark restated a “buy” rating and issued a $9.00 price target on shares of Codexis in a report on Friday, May 3rd. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $7.14.

Codexis Stock Down 0.3 %

Shares of Codexis stock opened at $2.88 on Thursday. The company has a debt-to-equity ratio of 0.35, a current ratio of 3.71 and a quick ratio of 3.63. Codexis has a 1 year low of $1.45 and a 1 year high of $4.91. The firm’s 50-day moving average is $3.25 and its two-hundred day moving average is $3.17. The stock has a market cap of $203.21 million, a price-to-earnings ratio of -3.10 and a beta of 2.12.

Codexis (NASDAQ:CDXS) last issued its earnings results on Thursday, May 2nd. The biotechnology company reported ($0.16) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.17) by $0.01. Codexis had a negative net margin of 87.73% and a negative return on equity of 41.76%. The company had revenue of $17.07 million for the quarter, compared to analysts’ expectations of $14.06 million. As a group, research analysts expect that Codexis will post -0.63 earnings per share 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.