Codexis (NASDAQ:CDXS – Get Rating) released its quarterly earnings data on Thursday. The biotechnology company reported ($0.04) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.12) by $0.08, Briefing.com reports. The firm had revenue of $38.41 million during the quarter, compared to analyst estimates of $37.86 million. Codexis had a negative return on equity of 12.56% and a negative net margin of 16.85%. The business’s quarterly revenue was up 50.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.07) earnings per share. Codexis updated its FY 2022 guidance to EPS.
Codexis Stock Up 9.6 %
Codexis stock traded up $0.77 during midday trading on Friday, reaching $8.75. 1,185,975 shares of the stock traded hands, compared to its average volume of 964,661. The stock’s fifty day moving average is $9.61 and its 200-day moving average is $14.62. Codexis has a 12 month low of $6.15 and a 12 month high of $42.01. The stock has a market cap of $571.41 million, a P/E ratio of -26.52 and a beta of 1.61.
Wall Street Analysts Forecast Growth
CDXS has been the subject of a number of recent analyst reports. Craig Hallum dropped their price objective on Codexis from $42.00 to $19.00 in a research note on Friday, July 15th. HC Wainwright dropped their price objective on Codexis from $38.00 to $27.00 in a research note on Monday, July 18th. Cowen dropped their price objective on Codexis from $39.00 to $21.00 and set an “outperform” rating for the company in a research note on Friday, July 15th. Benchmark set a $20.00 price objective on Codexis in a research note on Tuesday, July 19th. Finally, Piper Sandler dropped their price target on Codexis from $35.00 to $22.00 and set an “overweight” rating for the company in a research note on Thursday, July 14th. One research analyst has rated the stock with a sell rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $21.67.
Insider Activity at Codexis
Institutional Investors Weigh In On Codexis
Several institutional investors have recently modified their holdings of CDXS. Quantbot Technologies LP bought a new stake in shares of Codexis in the 1st quarter valued at approximately $33,000. US Bancorp DE lifted its stake in shares of Codexis by 517.5% in the 1st quarter. US Bancorp DE now owns 8,380 shares of the biotechnology company’s stock valued at $172,000 after purchasing an additional 7,023 shares during the last quarter. Envestnet Asset Management Inc. lifted its stake in shares of Codexis by 15.8% in the 2nd quarter. Envestnet Asset Management Inc. now owns 31,812 shares of the biotechnology company’s stock valued at $333,000 after purchasing an additional 4,352 shares during the last quarter. Bridgewater Associates LP lifted its stake in shares of Codexis by 42.4% in the 1st quarter. Bridgewater Associates LP now owns 19,050 shares of the biotechnology company’s stock valued at $393,000 after purchasing an additional 5,670 shares during the last quarter. Finally, Royal Bank of Canada lifted its stake in shares of Codexis by 14.2% in the 1st quarter. Royal Bank of Canada now owns 21,891 shares of the biotechnology company’s stock valued at $451,000 after purchasing an additional 2,721 shares during the last quarter.
Codexis Company Profile
Codexis, Inc discovers, develops, and sells enzymes and other proteins. It offers biocatalyst products and services; 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 biocatalyst screening and protein engineering services.
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