Piper Sandler Cuts Codexis (NASDAQ:CDXS) Price Target to $8.00

Codexis (NASDAQ:CDXS) had its price objective trimmed by Piper Sandler from $9.00 to $8.00 in a report released on Monday morning,Benzinga reports. The brokerage currently has an overweight rating on the biotechnology company’s stock.

Other equities analysts also recently issued reports about the company. Cantor Fitzgerald reissued an “overweight” rating on shares of Codexis in a research report on Wednesday, June 17th. Wall Street Zen lowered shares of Codexis from a “hold” rating to a “sell” rating in a research note on Saturday, August 15th. Finally, Weiss Ratings upgraded Codexis from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, July 20th. Two analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $6.50.

Codexis Trading Up 6.7%

NASDAQ:CDXS opened at $1.60 on Monday. The firm has a market cap of $175.22 million, a PE ratio of -4.71 and a beta of 2.54. The stock has a fifty day moving average price of $2.04 and a 200 day moving average price of $1.98. Codexis has a 12-month low of $0.96 and a 12-month high of $3.06. The company has a current ratio of 3.06, a quick ratio of 2.99 and a debt-to-equity ratio of 1.03.

Codexis (NASDAQ:CDXS) last released its earnings results on Tuesday, August 11th. The biotechnology company reported ($0.13) EPS for the quarter, topping the consensus estimate of ($0.14) by $0.01. The firm had revenue of $14.91 million during the quarter, compared to analysts’ expectations of $13.82 million. Codexis had a negative return on equity of 74.36% and a negative net margin of 39.55%. Sell-side analysts anticipate that Codexis will post -0.37 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Navalign LLC acquired a new position in shares of Codexis in the fourth quarter valued at approximately $25,000. Victory Capital Management Inc. acquired a new stake in shares of Codexis during the third quarter worth $25,000. State of Wyoming acquired a new stake in shares of Codexis during the second quarter worth $25,000. CIBC Bancorp USA Inc. purchased a new position in Codexis in the 3rd quarter valued at $26,000. Finally, EP Wealth Advisors LLC purchased a new position in Codexis in the 2nd quarter valued at $35,000. 78.54% of the stock is currently owned by hedge funds and other institutional investors.

Codexis Company Profile

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.