Codexis (NASDAQ:CDXS) Releases Quarterly Earnings Results

Codexis (NASDAQ:CDXS) released its earnings results on Thursday. The biotechnology company reported ($0.22) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.15) by ($0.07), FiscalAI reports. The business had revenue of $8.60 million during the quarter, compared to the consensus estimate of $18.52 million. Codexis had a negative net margin of 113.67% and a negative return on equity of 105.83%.

Codexis Trading Down 19.4%

CDXS stock traded down $0.40 during midday trading on Friday, hitting $1.65. The company had a trading volume of 2,652,713 shares, compared to its average volume of 863,615. The stock has a market cap of $148.49 million, a price-to-earnings ratio of -1.98 and a beta of 2.57. Codexis has a 52 week low of $1.61 and a 52 week high of $6.08. The company has a current ratio of 5.82, a quick ratio of 5.70 and a debt-to-equity ratio of 0.71. The stock’s 50 day moving average price is $2.50 and its 200 day moving average price is $2.56.

Hedge Funds Weigh In On Codexis

Institutional investors have recently added to or reduced their stakes in the company. State of Wyoming purchased a new stake in shares of Codexis in the 2nd quarter worth about $25,000. Osaic Holdings Inc. increased its stake in shares of Codexis by 1,922.9% during the second quarter. Osaic Holdings Inc. now owns 20,634 shares of the biotechnology company’s stock valued at $50,000 after purchasing an additional 19,614 shares in the last quarter. XTX Topco Ltd purchased a new position in shares of Codexis during the second quarter valued at approximately $116,000. Invesco Ltd. boosted its position in shares of Codexis by 42.4% in the 2nd quarter. Invesco Ltd. now owns 96,078 shares of the biotechnology company’s stock worth $234,000 after purchasing an additional 28,631 shares in the last quarter. Finally, Bridgeway Capital Management LLC boosted its position in shares of Codexis by 6.7% in the 2nd quarter. Bridgeway Capital Management LLC now owns 100,908 shares of the biotechnology company’s stock worth $246,000 after purchasing an additional 6,300 shares in the last quarter. Institutional investors own 78.54% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently commented on CDXS shares. Wall Street Zen raised shares of Codexis from a “strong sell” rating to a “hold” rating in a report on Saturday, August 16th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Codexis in a research report on Wednesday, October 8th. One investment analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $11.00.

Codexis Company Profile

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.