Codexis (NASDAQ:CDXS – Get Free Report) had its price target dropped by research analysts at Piper Sandler from $9.00 to $8.00 in a research note issued on Monday,Benzinga reports. The firm currently has an “overweight” rating on the biotechnology company’s stock. Piper Sandler’s price target suggests a potential upside of 407.94% from the company’s current price.
CDXS has been the subject of a number of other research reports. Cantor Fitzgerald reissued an “overweight” rating on shares of Codexis in a research note on Wednesday, June 17th. Wall Street Zen cut shares of Codexis from a “hold” rating to a “sell” rating in a report on Saturday. Finally, Weiss Ratings raised shares of Codexis from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday, July 20th. Two investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $6.50.
Read Our Latest Stock Report on Codexis
Codexis Stock Up 1.0%
Codexis (NASDAQ:CDXS – Get Free Report) last posted its quarterly earnings results on Tuesday, August 11th. The biotechnology company reported ($0.13) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.01. Codexis had a negative net margin of 39.55% and a negative return on equity of 74.36%. The business had revenue of $14.91 million during the quarter, compared to analyst estimates of $13.82 million. Equities analysts anticipate that Codexis will post -0.37 EPS for the current fiscal year.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently modified their holdings of CDXS. Bank of America Corp DE acquired a new stake in shares of Codexis in the 2nd quarter valued at $544,000. Man Group plc acquired a new position in Codexis during the second quarter worth $1,278,000. The Manufacturers Life Insurance Company bought a new position in Codexis during the second quarter valued at about $57,000. Algert Global LLC raised its holdings in Codexis by 118.2% during the second quarter. Algert Global LLC now owns 430,910 shares of the biotechnology company’s stock valued at $974,000 after buying an additional 233,463 shares in the last quarter. Finally, EP Wealth Advisors LLC acquired a new stake in shares of Codexis in the second quarter worth about $35,000. Institutional investors own 78.54% of the company’s stock.
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.
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