Short Interest in Codexis, Inc. (NASDAQ:CDXS) Drops By 35.6%

Codexis, Inc. (NASDAQ:CDXS) was the target of a significant drop in short interest in the month of March. As of March 31st, there was short interest totaling 6,938,356 shares, a drop of 35.6% from the March 15th total of 10,768,186 shares. Approximately 7.8% of the shares of the stock are sold short. Based on an average trading volume of 1,619,247 shares, the days-to-cover ratio is currently 4.3 days.

Codexis Price Performance

Codexis stock traded up $0.09 during mid-day trading on Wednesday, reaching $2.46. 1,264,116 shares of the company’s stock traded hands, compared to its average volume of 2,117,689. Codexis has a 12-month low of $0.96 and a 12-month high of $3.87. The company has a market cap of $223.54 million, a price-to-earnings ratio of -4.73 and a beta of 2.08. The stock has a 50 day moving average of $1.48 and a two-hundred day moving average of $1.77. The company has a quick ratio of 3.75, a current ratio of 3.82 and a debt-to-equity ratio of 0.79.

Codexis (NASDAQ:CDXS) last posted its earnings results on Wednesday, March 11th. The biotechnology company reported $0.11 earnings per share for the quarter, topping analysts’ consensus estimates of $0.01 by $0.10. Codexis had a negative net margin of 62.47% and a negative return on equity of 90.51%. The firm had revenue of $38.92 million for the quarter, compared to the consensus estimate of $35.83 million. Equities analysts forecast that Codexis will post -0.77 earnings per share for the current year.

Institutional Trading of Codexis

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CDXS. Millennium Management LLC increased its stake in shares of Codexis by 3,376.5% during the third quarter. Millennium Management LLC now owns 4,067,559 shares of the biotechnology company’s stock valued at $9,925,000 after buying an additional 3,950,557 shares during the period. Aberdeen Group plc lifted its stake in Codexis by 94.7% in the fourth quarter. Aberdeen Group plc now owns 7,966,498 shares of the biotechnology company’s stock worth $12,985,000 after acquiring an additional 3,874,436 shares during the period. Opaleye Management Inc. grew its holdings in Codexis by 32.6% during the 2nd quarter. Opaleye Management Inc. now owns 12,600,000 shares of the biotechnology company’s stock worth $30,744,000 after acquiring an additional 3,100,000 shares in the last quarter. Prescott Group Capital Management L.L.C. grew its holdings in Codexis by 304.1% during the 4th quarter. Prescott Group Capital Management L.L.C. now owns 2,568,359 shares of the biotechnology company’s stock worth $4,186,000 after acquiring an additional 1,932,814 shares in the last quarter. Finally, Nantahala Capital Management LLC increased its position in Codexis by 42.4% during the 2nd quarter. Nantahala Capital Management LLC now owns 4,030,619 shares of the biotechnology company’s stock valued at $9,835,000 after purchasing an additional 1,200,000 shares during the period. 78.54% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Codexis in a research note on Thursday, March 12th. Wall Street Zen raised Codexis from a “strong sell” rating to a “hold” rating in a report on Saturday, March 14th. Stifel Nicolaus set a $5.00 price target on Codexis in a research note on Thursday, March 12th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Codexis in a report on Wednesday, January 21st. One analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $5.00.

Codexis Company Profile

Codexis, Inc, headquartered in Redwood City, California, is a leading protein engineering company focused on the development of innovative enzyme solutions for pharmaceutical, food and beverage, and specialty chemical applications. The company’s proprietary directed evolution platform, CodeEvolver®, enables the rapid identification and optimization of enzymes with enhanced activity, selectivity and stability. By leveraging this technology, Codexis provides custom biocatalysts designed to improve manufacturing efficiency and reduce environmental impact.

Since its founding in 2002, Codexis has expanded its capabilities from early-stage research to commercial-scale production.