Codexis (NASDAQ:CDXS) Receives "Overweight" Rating from Cantor Fitzgerald

Cantor Fitzgerald reissued their overweight rating on shares of Codexis (NASDAQ:CDXS - Free Report) in a research note published on Friday morning,Benzinga reports. The firm currently has a $11.00 price target on the biotechnology company's stock.

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

Codexis Price Performance

Shares of CDXS traded up $0.28 during mid-day trading on Friday, reaching $4.61. The company had a trading volume of 700,768 shares, compared to its average volume of 711,916. The company's 50-day moving average is $3.42 and its 200-day moving average is $3.26. Codexis has a twelve month low of $1.85 and a twelve month high of $4.91. The company has a current ratio of 3.21, a quick ratio of 3.15 and a debt-to-equity ratio of 0.39.

Codexis (NASDAQ:CDXS - Get Free Report) last issued its quarterly earnings data on Thursday, October 31st. The biotechnology company reported ($0.29) earnings per share for the quarter, missing the consensus estimate of ($0.25) by ($0.04). The firm had revenue of $12.83 million for the quarter, compared to the consensus estimate of $11.64 million. Codexis had a negative return on equity of 71.56% and a negative net margin of 96.35%. During the same period in the prior year, the company posted ($0.26) earnings per share. On average, research analysts anticipate that Codexis will post -0.76 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, major shareholder Opaleye Management Inc. acquired 45,000 shares of Codexis stock in a transaction that occurred on Monday, September 23rd. The shares were acquired at an average price of $2.94 per share, with a total value of $132,300.00. Following the purchase, the insider now directly owns 8,435,000 shares of the company's stock, valued at $24,798,900. The trade was a 0.54 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In the last 90 days, insiders acquired 1,166,000 shares of company stock valued at $3,514,910. Company insiders own 2.10% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Assenagon Asset Management S.A. raised its holdings in shares of Codexis by 23.4% during the third quarter. Assenagon Asset Management S.A. now owns 1,103,442 shares of the biotechnology company's stock worth $3,399,000 after acquiring an additional 209,207 shares during the period. abrdn plc raised its stake in shares of Codexis by 62.5% in the 3rd quarter. abrdn plc now owns 800,410 shares of the biotechnology company's stock valued at $2,465,000 after purchasing an additional 307,762 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of Codexis by 12.8% in the second quarter. Bank of New York Mellon Corp now owns 284,166 shares of the biotechnology company's stock valued at $881,000 after purchasing an additional 32,138 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Codexis by 3.1% during the first quarter. Vanguard Group Inc. now owns 4,258,201 shares of the biotechnology company's stock worth $14,861,000 after buying an additional 129,773 shares during the period. Finally, American Century Companies Inc. boosted its position in shares of Codexis by 18.9% during the second quarter. American Century Companies Inc. now owns 100,734 shares of the biotechnology company's stock worth $312,000 after buying an additional 16,019 shares during the period. 78.54% of the stock is currently owned by institutional investors.

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.