Codexis (CDXS) Upgraded to Buy by BidaskClub

Codexis (NASDAQ:CDXS) was upgraded by stock analysts at BidaskClub from a “hold” rating to a “buy” rating in a research report issued on Monday, April 1st, BidAskClub reports.

Other research analysts have also recently issued research reports about the company. First Analysis raised Codexis from a “neutral” rating to an “outperform” rating and increased their target price for the company from $12.00 to $19.00 in a research note on Thursday, January 17th. HC Wainwright increased their target price on Codexis to $22.50 and gave the company a “buy” rating in a research note on Monday, March 4th. Zacks Investment Research cut Codexis from a “buy” rating to a “hold” rating in a research note on Friday, January 18th. ValuEngine cut Codexis from a “strong-buy” rating to a “buy” rating in a research note on Monday, February 4th. Finally, Jefferies Financial Group raised their price objective on Codexis from $4.00 to $20.00 and gave the company a “buy” rating in a research note on Tuesday, January 15th. Two equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $21.07.

Shares of NASDAQ:CDXS traded down $0.07 during trading on Monday, hitting $19.14. 280,950 shares of the company were exchanged, compared to its average volume of 402,546. The company has a market cap of $1.04 billion, a P/E ratio of -91.14 and a beta of -0.32. Codexis has a 52-week low of $10.90 and a 52-week high of $23.05.

Codexis (NASDAQ:CDXS) last released its quarterly earnings results on Tuesday, February 26th. The biotechnology company reported ($0.01) earnings per share for the quarter, topping the consensus estimate of ($0.02) by $0.01. The firm had revenue of $16.07 million for the quarter, compared to analysts’ expectations of $16.62 million. Codexis had a negative net margin of 17.95% and a negative return on equity of 24.35%. Equities analysts forecast that Codexis will post -0.14 earnings per share for the current year.

In other news, insider John J. Nicols sold 55,072 shares of the firm’s stock in a transaction dated Tuesday, March 19th. The stock was sold at an average price of $20.83, for a total transaction of $1,147,149.76. Following the transaction, the insider now directly owns 1,087,751 shares of the company’s stock, valued at $22,657,853.33. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Gordon Sangster sold 80,000 shares of the stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $20.88, for a total transaction of $1,670,400.00. Following the sale, the chief financial officer now owns 174,453 shares of the company’s stock, valued at $3,642,578.64. The disclosure for this sale can be found here. Insiders have sold 161,987 shares of company stock worth $3,402,691 over the last ninety days. Insiders own 11.40% of the company’s stock.

Several institutional investors have recently bought and sold shares of CDXS. JPMorgan Chase & Co. boosted its holdings in shares of Codexis by 80.3% during the third quarter. JPMorgan Chase & Co. now owns 18,639 shares of the biotechnology company’s stock worth $319,000 after purchasing an additional 8,299 shares during the period. AXA purchased a new stake in shares of Codexis during the third quarter worth about $384,000. Bank of New York Mellon Corp boosted its holdings in shares of Codexis by 2.2% during the third quarter. Bank of New York Mellon Corp now owns 208,471 shares of the biotechnology company’s stock worth $3,576,000 after purchasing an additional 4,439 shares during the period. BlackRock Inc. boosted its holdings in shares of Codexis by 5.2% during the third quarter. BlackRock Inc. now owns 3,579,527 shares of the biotechnology company’s stock worth $61,389,000 after purchasing an additional 176,952 shares during the period. Finally, Credit Suisse AG boosted its holdings in shares of Codexis by 23.8% during the third quarter. Credit Suisse AG now owns 39,372 shares of the biotechnology company’s stock worth $675,000 after purchasing an additional 7,577 shares during the period. Institutional investors own 85.26% of the company’s stock.

Codexis Company Profile

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.

Featured Story: Producer Price Index (PPI)

Analyst Recommendations for Codexis (NASDAQ:CDXS)

Receive News & Ratings for Codexis Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Codexis and related companies with MarketBeat.com's FREE daily email newsletter.