Codexis (NASDAQ:CDXS) Shares Cross Above Two Hundred Day Moving Average – Here’s Why

Codexis, Inc. (NASDAQ:CDXS)’s stock price passed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $1.77 and traded as high as $2.58. Codexis shares last traded at $2.58, with a volume of 904,543 shares.

Analyst Ratings Changes

A number of research firms have recently weighed in on CDXS. Wall Street Zen lowered shares of Codexis from a “buy” rating to a “hold” rating in a research note on Sunday, May 3rd. Weiss Ratings upgraded shares of Codexis from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Friday, May 8th. Stifel Nicolaus set a $5.00 price target on shares of Codexis in a research report on Thursday, March 12th. Finally, Cantor Fitzgerald restated an “overweight” rating on shares of Codexis in a research report on Thursday, March 12th. One investment analyst has rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, Codexis has a consensus rating of “Hold” and an average price target of $5.00.

Codexis Price Performance

The stock’s 50-day moving average price is $2.21 and its 200 day moving average price is $1.78. The firm has a market capitalization of $226.34 million, a price-to-earnings ratio of -6.73 and a beta of 2.52. The company has a quick ratio of 5.23, a current ratio of 5.36 and a debt-to-equity ratio of 0.94.

Codexis (NASDAQ:CDXS) last issued its earnings results on Thursday, May 7th. The biotechnology company reported ($0.10) EPS for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.01. The business had revenue of $15.25 million during the quarter, compared to analysts’ expectations of $14.53 million. Codexis had a negative net margin of 40.97% and a negative return on equity of 68.09%. Equities research analysts expect that Codexis, Inc. will post -0.39 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Codexis

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Opaleye Management Inc. increased its position in Codexis by 32.6% during the second quarter. Opaleye Management Inc. now owns 12,600,000 shares of the biotechnology company’s stock worth $30,744,000 after purchasing an additional 3,100,000 shares during the last quarter. Aberdeen Group plc increased its position in shares of Codexis by 94.7% during the fourth quarter. Aberdeen Group plc now owns 7,966,498 shares of the biotechnology company’s stock valued at $12,985,000 after acquiring an additional 3,874,436 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Codexis by 1.8% during the third quarter. Vanguard Group Inc. now owns 4,669,815 shares of the biotechnology company’s stock valued at $11,394,000 after acquiring an additional 80,602 shares during the last quarter. Millennium Management LLC increased its position in shares of Codexis by 3,376.5% during the third quarter. Millennium Management LLC now owns 4,067,559 shares of the biotechnology company’s stock valued at $9,925,000 after acquiring an additional 3,950,557 shares during the last quarter. Finally, Nantahala Capital Management LLC increased its position in shares of Codexis by 42.4% during the second quarter. Nantahala Capital Management LLC now owns 4,030,619 shares of the biotechnology company’s stock valued at $9,835,000 after acquiring an additional 1,200,000 shares during the last quarter. 78.54% of the stock is currently owned by institutional investors and hedge funds.

About Codexis

Codexis, Inc, headquartered in Redwood City, California, is a leading protein engineering company focused on the development of innovative enzyme solutions for pharmaceutical, food and beverage, and specialty chemical applications. The company’s proprietary directed evolution platform, CodeEvolver®, enables the rapid identification and optimization of enzymes with enhanced activity, selectivity and stability. By leveraging this technology, Codexis provides custom biocatalysts designed to improve manufacturing efficiency and reduce environmental impact.

Since its founding in 2002, Codexis has expanded its capabilities from early-stage research to commercial-scale production.