Codexis (NASDAQ:CDXS) Earns “Overweight” Rating from Cantor Fitzgerald

Codexis (NASDAQ:CDXS)‘s stock had its “overweight” rating reaffirmed by equities research analysts at Cantor Fitzgerald in a report issued on Friday, Benzinga reports. They presently have a $11.00 price objective on the biotechnology company’s stock. Cantor Fitzgerald’s price objective would indicate a potential upside of 285.96% from the company’s current price.

Several other equities analysts have also issued reports on the company. Jefferies Financial Group started coverage on Codexis in a research report on Monday, June 3rd. They set a “buy” rating and a $5.00 price target on the stock. Benchmark reiterated a “buy” rating and set a $9.00 price target on shares of Codexis in a report on Friday, May 3rd. One investment analyst has rated the stock with a sell rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $8.00.

Codexis Price Performance

Shares of Codexis stock traded down $0.30 on Friday, hitting $2.85. 356,973 shares of the company traded hands, compared to its average volume of 502,821. Codexis has a 12-month low of $1.45 and a 12-month high of $4.91. The company has a current ratio of 3.71, a quick ratio of 3.63 and a debt-to-equity ratio of 0.35. The company has a market cap of $201.09 million, a P/E ratio of -3.06 and a beta of 2.12. The firm’s 50-day simple moving average is $3.24 and its 200 day simple moving average is $3.24.

Hedge Funds Weigh In On Codexis

Institutional investors and hedge funds have recently made changes to their positions in the business. Opaleye Management Inc. increased its position in Codexis by 172.2% in the fourth quarter. Opaleye Management Inc. now owns 3,045,525 shares of the biotechnology company’s stock worth $9,289,000 after buying an additional 1,926,625 shares in the last quarter. Kent Lake Capital LLC bought a new position in shares of Codexis in the first quarter worth approximately $2,197,000. GSA Capital Partners LLP increased its stake in shares of Codexis by 101.2% in the fourth quarter. GSA Capital Partners LLP now owns 837,036 shares of the biotechnology company’s stock worth $2,553,000 after purchasing an additional 420,977 shares in the last quarter. Platinum Investment Management Ltd. bought a new stake in shares of Codexis during the 1st quarter valued at $802,000. Finally, abrdn plc bought a new position in Codexis in the 4th quarter worth $490,000. Hedge funds and other institutional investors own 78.54% of the company’s stock.

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.