Codexis (NASDAQ:CDXS) Given Overweight Rating at Cantor Fitzgerald

Codexis (NASDAQ:CDXS)‘s stock had its “overweight” rating reaffirmed by analysts at Cantor Fitzgerald in a research note issued to investors on Friday, Benzinga reports. They currently have a $11.00 price target on the biotechnology company’s stock. Cantor Fitzgerald’s price objective suggests a potential upside of 249.21% from the stock’s previous close.

A number of other analysts have also recently commented on the company. Benchmark cut Codexis from a “buy” rating to a “hold” rating in a research report on Monday, August 19th. Jefferies Financial Group began coverage on shares of Codexis in a research report on Monday, June 3rd. They set a “buy” rating and a $5.00 price target for the company. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $8.75.

Codexis Stock Performance

Shares of NASDAQ CDXS traded down $0.06 during trading on Friday, reaching $3.15. 264,986 shares of the company traded hands, compared to its average volume of 494,058. The company has a quick ratio of 2.92, a current ratio of 2.99 and a debt-to-equity ratio of 0.46. The firm has a 50 day simple moving average of $3.11 and a 200-day simple moving average of $3.20. Codexis has a 52-week low of $1.45 and a 52-week high of $4.91. The stock has a market capitalization of $222.26 million, a PE ratio of -3.39 and a beta of 2.07.

Codexis (NASDAQ:CDXS) last posted its earnings results on Thursday, August 8th. The biotechnology company reported ($0.32) EPS for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.06). The company had revenue of $7.98 million during the quarter, compared to the consensus estimate of $7.64 million. Codexis had a negative return on equity of 64.06% and a negative net margin of 125.41%. During the same period last year, the firm posted ($0.17) EPS. Equities research analysts anticipate that Codexis will post -0.75 earnings per share for the current year.

Insider Activity at Codexis

In related news, major shareholder Opaleye Management Inc. purchased 61,000 shares of Codexis stock in a transaction on Wednesday, September 18th. The stock was acquired at an average price of $3.16 per share, for a total transaction of $192,760.00. Following the completion of the transaction, the insider now directly owns 7,380,000 shares in the company, valued at approximately $23,320,800. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. 2.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On Codexis

A number of hedge funds have recently modified their holdings of the company. Rhumbline Advisers raised its position in shares of Codexis by 3.8% during the 2nd quarter. Rhumbline Advisers now owns 108,594 shares of the biotechnology company’s stock valued at $337,000 after purchasing an additional 4,017 shares during the period. Algert Global LLC raised its holdings in Codexis by 17.1% during the second quarter. Algert Global LLC now owns 41,556 shares of the biotechnology company’s stock valued at $129,000 after acquiring an additional 6,069 shares during the period. State Board of Administration of Florida Retirement System raised its holdings in Codexis by 57.4% during the first quarter. State Board of Administration of Florida Retirement System now owns 28,500 shares of the biotechnology company’s stock valued at $99,000 after acquiring an additional 10,395 shares during the period. SG Americas Securities LLC lifted its position in shares of Codexis by 72.6% in the second quarter. SG Americas Securities LLC now owns 36,677 shares of the biotechnology company’s stock valued at $114,000 after acquiring an additional 15,425 shares in the last quarter. Finally, American Century Companies Inc. boosted its stake in shares of Codexis by 18.9% in the second quarter. American Century Companies Inc. now owns 100,734 shares of the biotechnology company’s stock worth $312,000 after acquiring an additional 16,019 shares during the period. 78.54% of the stock is currently owned by institutional investors.

Codexis Company Profile

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.