Cantor Fitzgerald Reiterates Overweight Rating for Codexis (NASDAQ:CDXS)

Cantor Fitzgerald reissued their overweight rating on shares of Codexis (NASDAQ:CDXS) in a research note released on Friday,Benzinga reports. They currently have a $11.00 target price on the biotechnology company’s stock.

Separately, Benchmark reissued a “hold” rating on shares of Codexis in a research report on Monday, November 4th.

Codexis Price Performance

Codexis stock opened at $3.88 on Friday. The company has a quick ratio of 3.15, a current ratio of 3.21 and a debt-to-equity ratio of 0.39. The firm has a market capitalization of $315.75 million, a P/E ratio of -4.46 and a beta of 2.07. The firm has a fifty day moving average of $3.26 and a 200-day moving average of $3.23. Codexis has a 52-week low of $1.85 and a 52-week high of $4.91.

Codexis (NASDAQ:CDXS) last released its quarterly earnings data on Thursday, October 31st. The biotechnology company reported ($0.29) EPS for the quarter, missing the consensus estimate of ($0.25) by ($0.04). The company had revenue of $12.83 million during the quarter, compared to analysts’ expectations of $11.64 million. Codexis had a negative net margin of 96.35% and a negative return on equity of 71.56%. During the same period last year, the business earned ($0.26) earnings per share. As a group, analysts predict that Codexis will post -0.76 EPS for the current year.

Insider Buying and Selling at Codexis

In related news, major shareholder Opaleye Management Inc. purchased 1,055,000 shares of the business’s stock in a transaction that occurred on Friday, September 20th. The shares were purchased at an average cost of $3.01 per share, with a total value of $3,175,550.00. Following the completion of the acquisition, the insider now directly owns 8,390,000 shares of the company’s stock, valued at approximately $25,253,900. The trade was a 14.38 % increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders bought a total of 1,166,000 shares of company stock valued at $3,514,910 in the last ninety days. Insiders own 2.10% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Los Angeles Capital Management LLC bought a new position in shares of Codexis during the second quarter worth about $54,000. Intech Investment Management LLC acquired a new stake in Codexis during the third quarter valued at approximately $66,000. Marshall Wace LLP bought a new position in Codexis during the 2nd quarter worth approximately $89,000. Mirae Asset Global Investments Co. Ltd. bought a new position in Codexis during the 1st quarter worth approximately $97,000. Finally, State Board of Administration of Florida Retirement System grew its position in shares of Codexis by 57.4% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 28,500 shares of the biotechnology company’s stock worth $99,000 after acquiring an additional 10,395 shares in the last quarter. 78.54% of the stock is owned by institutional investors and hedge funds.

About Codexis

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.