Wall Street Zen Upgrades Codexis (NASDAQ:CDXS) to “Hold”

Codexis (NASDAQ:CDXS) was upgraded by investment analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a research note issued to investors on Saturday, Wall Street Zen reports.

CDXS has been the topic of several other research reports. Piper Sandler cut their price target on Codexis from $9.00 to $8.00 and set an “overweight” rating on the stock in a report on Monday, August 17th. Benchmark reiterated a “hold” rating on shares of Codexis in a research report on Thursday, August 20th. Finally, Weiss Ratings raised Codexis from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday, October 23rd. Two research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Codexis currently has a consensus rating of “Hold” and an average target price of $6.50.

Codexis Price Performance

Shares of NASDAQ:CDXS opened at $1.16 on Friday. The company has a market cap of $127.03 million, a P/E ratio of -5.80 and a beta of 2.38. The company has a quick ratio of 2.99, a current ratio of 3.06 and a debt-to-equity ratio of 1.03. Codexis has a 52 week low of $0.90 and a 52 week high of $2.98. The business has a fifty day simple moving average of $1.29 and a 200-day simple moving average of $1.78.

Codexis (NASDAQ:CDXS) last released its quarterly earnings data on Thursday, November 12th. The biotechnology company reported ($0.08) earnings per share for the quarter, beating the consensus estimate of ($0.10) by $0.02. Codexis had a negative return on equity of 45.54% and a negative net margin of 21.77%. The business had revenue of $19.26 million for the quarter, compared to analyst estimates of $18.72 million. Equities research analysts forecast that Codexis will post -0.37 EPS for the current year.

Hedge Funds Weigh In On Codexis

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp boosted its holdings in Codexis by 2.4% in the first quarter. Bank of New York Mellon Corp now owns 209,645 shares of the biotechnology company’s stock valued at $342,000 after acquiring an additional 4,896 shares during the last quarter. Post Resch Tallon Group Inc. lifted its position in shares of Codexis by 1.9% in the 3rd quarter. Post Resch Tallon Group Inc. now owns 573,953 shares of the biotechnology company’s stock worth $798,000 after purchasing an additional 10,475 shares during the period. EP Wealth Advisors LLC acquired a new position in shares of Codexis in the 2nd quarter worth approximately $35,000. Corient Private Wealth LP acquired a new position in shares of Codexis in the 2nd quarter worth approximately $37,000. Finally, Simplicity Wealth LLC bought a new stake in shares of Codexis in the 2nd quarter valued at $39,000. 78.54% of the stock is currently owned by institutional investors and hedge funds.

About Codexis

Codexis, Inc. is a biotechnology company that develops engineered enzymes for pharmaceutical and other manufacturing applications. Founded in 2002 and based in Redwood City, California, the company uses its protein-engineering platform, CodeEvolver, to design enzymes with properties suited to specific production processes. Codexis supplies enzymes and related development services for the manufacture of small-molecule drugs and other products. It also develops its ECO Synthesis platform, which uses enzymes to support the production of oligonucleotide therapeutics, including RNA-based medicines.