Codexis (NASDAQ:CDXS) Downgraded by Zacks Investment Research to “Sell”

Zacks Investment Research downgraded shares of Codexis (NASDAQ:CDXS) from a hold rating to a sell rating in a research report sent to investors on Monday, Zacks.com reports.

According to Zacks, “Codexis is a leading protein engineering company that applies its proprietary CodeEvolver technology to develop proteins for a variety of applications, including as biocatalysts for the commercial manufacture of pharmaceuticals, fine chemicals and industrial enzymes, and enzymes as biotherapeutics and for use in molecular diagnostics. CodexisÂ’ proven technology enables improvements in protein performance, meeting customer needs for rapid, cost-effective and sustainable manufacturing in multiple commercial-scale implementations of biocatalytic processes. “

CDXS has been the subject of several other reports. BidaskClub downgraded shares of Codexis from a hold rating to a sell rating in a research note on Tuesday, July 30th. HC Wainwright reiterated a buy rating and issued a $22.50 target price on shares of Codexis in a research note on Thursday, August 8th. Two equities research analysts have rated the stock with a sell rating, five have assigned a buy rating and one has issued a strong buy rating to the company. Codexis presently has an average rating of Buy and an average price target of $21.58.

NASDAQ:CDXS traded up $0.27 during mid-day trading on Monday, hitting $14.01. The stock had a trading volume of 1,026 shares, compared to its average volume of 383,765. Codexis has a twelve month low of $13.54 and a twelve month high of $23.05. The firm has a market cap of $801.87 million, a PE ratio of -66.90 and a beta of -0.05. The stock has a 50 day simple moving average of $17.98. The company has a debt-to-equity ratio of 0.26, a quick ratio of 6.26 and a current ratio of 6.30.

Codexis (NASDAQ:CDXS) last issued its earnings results on Tuesday, August 6th. The biotechnology company reported ($0.12) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.08) by ($0.04). Codexis had a negative net margin of 23.13% and a negative return on equity of 21.60%. The firm had revenue of $12.32 million during the quarter, compared to analyst estimates of $14.90 million. Equities analysts anticipate that Codexis will post -0.23 earnings per share for the current year.

A number of hedge funds have recently modified their holdings of the business. Bank of New York Mellon Corp lifted its holdings in shares of Codexis by 25.5% in the 4th quarter. Bank of New York Mellon Corp now owns 261,614 shares of the biotechnology company’s stock worth $4,369,000 after purchasing an additional 53,143 shares during the last quarter. Geode Capital Management LLC raised its stake in Codexis by 1.8% during the 4th quarter. Geode Capital Management LLC now owns 566,463 shares of the biotechnology company’s stock valued at $9,458,000 after acquiring an additional 10,289 shares in the last quarter. Bank of America Corp DE raised its stake in Codexis by 5.9% during the 4th quarter. Bank of America Corp DE now owns 115,674 shares of the biotechnology company’s stock valued at $1,931,000 after acquiring an additional 6,457 shares in the last quarter. Legal & General Group Plc raised its stake in Codexis by 12.1% during the 4th quarter. Legal & General Group Plc now owns 9,379 shares of the biotechnology company’s stock valued at $157,000 after acquiring an additional 1,010 shares in the last quarter. Finally, FMR LLC raised its stake in Codexis by 40.7% during the 4th quarter. FMR LLC now owns 730,537 shares of the biotechnology company’s stock valued at $12,200,000 after acquiring an additional 211,200 shares in the last quarter. Hedge funds and other institutional investors own 87.27% of the company’s stock.

About Codexis

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.

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