Codexis (CDXS) Shares Down 8.9% on Insider Selling

Codexis, Inc. (NASDAQ:CDXS) fell 8.9% during mid-day trading on Thursday after an insider sold shares in the company. The company traded as low as $17.25 and last traded at $17.35. 663,700 shares traded hands during trading, an increase of 82% from the average session volume of 365,158 shares. The stock had previously closed at $19.05.

Specifically, Director Byron L. Dorgan sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, July 16th. The shares were sold at an average price of $15.49, for a total transaction of $154,900.00. Following the transaction, the director now directly owns 190,593 shares in the company, valued at $2,952,285.57. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Gordon Sangster sold 18,736 shares of the company’s stock in a transaction that occurred on Tuesday, August 21st. The stock was sold at an average price of $15.31, for a total transaction of $286,848.16. Following the transaction, the chief financial officer now owns 134,453 shares in the company, valued at $2,058,475.43. The disclosure for this sale can be found here. Insiders have sold 398,329 shares of company stock worth $6,289,397 over the last ninety days. Insiders own 11.40% of the company’s stock.

A number of equities analysts have recently issued reports on CDXS shares. BidaskClub lowered shares of Codexis from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, June 13th. Cowen started coverage on shares of Codexis in a research report on Tuesday, June 19th. They set an “outperform” rating and a $18.00 target price on the stock. Zacks Investment Research upgraded shares of Codexis from a “hold” rating to a “buy” rating and set a $16.00 target price on the stock 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 analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $15.50.

The firm has a market cap of $1.02 billion, a price-to-earnings ratio of -34.70 and a beta of -2.07.

Codexis (NASDAQ:CDXS) last announced its quarterly earnings data on Wednesday, August 8th. The biotechnology company reported ($0.07) earnings per share for the quarter, beating the Thomson Reuters’ 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 business had revenue of $13.54 million for the quarter, compared to analyst estimates of $11.87 million. equities research analysts expect that Codexis, Inc. will post -0.2 earnings per share for the current fiscal year.

A number of hedge funds and other institutional investors have recently made changes to their positions in CDXS. Citadel Advisors LLC acquired a new stake in Codexis in the first quarter worth $138,000. Campbell & CO Investment Adviser LLC acquired a new stake in Codexis in the second quarter worth $146,000. GSA Capital Partners LLP acquired a new stake in Codexis in the second quarter worth $243,000. Metropolitan Life Insurance Co. NY raised its holdings in Codexis by 25.3% in the second quarter. Metropolitan Life Insurance Co. NY now owns 17,210 shares of the biotechnology company’s stock worth $248,000 after purchasing an additional 3,475 shares during the period. Finally, California Public Employees Retirement System acquired a new stake in Codexis in the second quarter worth $261,000. Institutional investors and hedge funds own 77.35% of the company’s stock.

About Codexis (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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