Codexis (NASDAQ:CDXS) Stock Price Crosses Above 200-Day Moving Average - Here's Why

Codexis, Inc. (NASDAQ:CDXS - Get Free Report)'s share price passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $3.46 and traded as high as $5.72. Codexis shares last traded at $5.19, with a volume of 1,339,534 shares.

Wall Street Analyst Weigh In

CDXS has been the subject of a number of recent research reports. Benchmark restated a "hold" rating on shares of Codexis in a report on Monday, November 4th. Cantor Fitzgerald reissued an "overweight" rating and issued a $11.00 price target on shares of Codexis in a research note on Friday, November 22nd.

Codexis Stock Performance

The company has a debt-to-equity ratio of 0.39, a quick ratio of 3.15 and a current ratio of 3.21. The stock's 50 day moving average price is $4.18 and its 200 day moving average price is $3.47. The company has a market capitalization of $416.66 million, a P/E ratio of -5.88 and a beta of 2.15.

Codexis (NASDAQ:CDXS - Get Free Report) last issued its quarterly earnings results on Thursday, October 31st. The biotechnology company reported ($0.29) earnings per share for the quarter, missing analysts' consensus estimates of ($0.25) by ($0.04). The business had revenue of $12.83 million for the quarter, compared to analyst estimates 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 quarter in the previous year, the business posted ($0.26) earnings per share. As a group, equities analysts expect that Codexis, Inc. will post -0.77 EPS for the current year.

Insider Transactions at Codexis

In other news, major shareholder Opaleye Management Inc. bought 45,000 shares of the firm's stock in a transaction that occurred on Monday, September 23rd. The stock was acquired at an average cost of $2.94 per share, with a total value of $132,300.00. Following the transaction, the insider now directly owns 8,435,000 shares of the company's stock, valued at approximately $24,798,900. This represents a 0.54 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders purchased a total of 1,105,000 shares of company stock valued at $3,322,150 in the last quarter. 2.10% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Codexis

A number of hedge funds have recently added to or reduced their stakes in CDXS. Los Angeles Capital Management LLC bought a new position in shares of Codexis in the 2nd quarter worth $54,000. Intech Investment Management LLC bought a new position in shares of Codexis in the third quarter valued at $66,000. Marshall Wace LLP acquired a new position in shares of Codexis during the second quarter valued at about $89,000. SG Americas Securities LLC increased its position in shares of Codexis by 72.6% during the second quarter. SG Americas Securities LLC now owns 36,677 shares of the biotechnology company's stock worth $114,000 after acquiring an additional 15,425 shares in the last quarter. Finally, Algert Global LLC increased its position in shares of Codexis by 17.1% during the second quarter. Algert Global LLC now owns 41,556 shares of the biotechnology company's stock worth $129,000 after acquiring an additional 6,069 shares in the last quarter. Institutional investors and hedge funds own 78.54% of the company's stock.

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.