Cantor Fitzgerald Reaffirms “Overweight” Rating for Codexis (NASDAQ:CDXS)

Codexis (NASDAQ:CDXS)‘s stock had its “overweight” rating restated by research analysts at Cantor Fitzgerald in a note issued to investors on Friday,Benzinga reports. They currently have a $11.00 target price on the biotechnology company’s stock. Cantor Fitzgerald’s price objective would suggest a potential upside of 154.04% from the stock’s current price.

Separately, Benchmark reaffirmed a “hold” rating on shares of Codexis in a research report on Monday, November 4th.

Codexis Price Performance

Shares of NASDAQ CDXS opened at $4.33 on Friday. Codexis has a 52-week low of $1.85 and a 52-week high of $4.91. The firm has a market capitalization of $352.38 million, a price-to-earnings ratio of -4.98 and a beta of 2.07. The stock has a 50 day moving average price of $3.38 and a 200 day moving average price of $3.25. The company has a debt-to-equity ratio of 0.39, a quick ratio of 3.15 and a current ratio of 3.21.

Codexis (NASDAQ:CDXS) last issued its earnings results on Thursday, October 31st. The biotechnology company reported ($0.29) earnings per share for the quarter, missing the consensus estimate of ($0.25) by ($0.04). The firm had revenue of $12.83 million during the quarter, compared to analysts’ expectations of $11.64 million. Codexis had a negative return on equity of 71.56% and a negative net margin of 96.35%. During the same quarter in the prior year, the company posted ($0.26) earnings per share. Sell-side analysts expect that Codexis will post -0.76 earnings per share for the current year.

Insider Buying and Selling

In other news, major shareholder Opaleye Management Inc. bought 45,000 shares of the firm’s stock in a transaction that occurred on Monday, September 23rd. The stock was bought at an average price of $2.94 per share, with a total value of $132,300.00. Following the completion of the transaction, the insider now directly owns 8,435,000 shares of the company’s stock, valued at approximately $24,798,900. The trade was a 0.54 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders purchased 1,166,000 shares of company stock worth $3,514,910 in the last three months. 2.10% of the stock is owned by insiders.

Hedge Funds Weigh In On Codexis

Institutional investors and hedge funds have recently bought and sold shares of the company. Kent Lake Capital LLC purchased a new stake in shares of Codexis during the 1st quarter valued at $2,197,000. abrdn plc increased its position in Codexis by 62.5% during the 3rd quarter. abrdn plc now owns 800,410 shares of the biotechnology company’s stock valued at $2,465,000 after buying an additional 307,762 shares in the last quarter. Assenagon Asset Management S.A. raised its stake in Codexis by 23.4% in the third quarter. Assenagon Asset Management S.A. now owns 1,103,442 shares of the biotechnology company’s stock valued at $3,399,000 after buying an additional 209,207 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Codexis by 3.1% in the first quarter. Vanguard Group Inc. now owns 4,258,201 shares of the biotechnology company’s stock worth $14,861,000 after acquiring an additional 129,773 shares in the last quarter. Finally, AQR Capital Management LLC grew its stake in shares of Codexis by 82.4% during the second quarter. AQR Capital Management LLC now owns 237,272 shares of the biotechnology company’s stock worth $736,000 after acquiring an additional 107,205 shares during the last quarter. 78.54% of the stock is owned by hedge funds and other institutional investors.

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.