Short Interest in Codexis, Inc. (NASDAQ:CDXS) Decreases By 35.6%

Codexis, Inc. (NASDAQ:CDXS) was the recipient of a large decline in short interest during the month of March. As of March 31st, there was short interest totaling 6,938,356 shares, a decline of 35.6% from the March 15th total of 10,768,186 shares. Based on an average daily volume of 1,619,247 shares, the days-to-cover ratio is currently 4.3 days. Currently, 7.8% of the shares of the stock are short sold.

Institutional Trading of Codexis

Several large investors have recently bought and sold shares of CDXS. Victory Capital Management Inc. bought a new position in Codexis during the third quarter worth $25,000. State of Wyoming acquired a new position in Codexis in the second quarter worth $25,000. CIBC Bancorp USA Inc. acquired a new position in Codexis in the third quarter worth $26,000. Crux Wealth Advisors acquired a new position in Codexis in the third quarter worth $33,000. Finally, Navalign LLC acquired a new position in Codexis in the fourth quarter worth $25,000. Institutional investors and hedge funds own 78.54% of the company’s stock.

Codexis Stock Up 2.0%

NASDAQ:CDXS traded up $0.05 during trading hours on Thursday, hitting $2.51. The stock had a trading volume of 988,509 shares, compared to its average volume of 2,101,216. The company has a current ratio of 3.82, a quick ratio of 3.75 and a debt-to-equity ratio of 0.79. Codexis has a 1-year low of $0.96 and a 1-year high of $3.87. The business has a 50 day simple moving average of $1.50 and a two-hundred day simple moving average of $1.77. The company has a market cap of $228.08 million, a PE ratio of -4.83 and a beta of 2.08.

Codexis (NASDAQ:CDXS) last issued its quarterly earnings data on Wednesday, March 11th. The biotechnology company reported $0.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.01 by $0.10. Codexis had a negative net margin of 62.47% and a negative return on equity of 90.51%. The company had revenue of $38.92 million during the quarter, compared to the consensus estimate of $35.83 million. Analysts predict that Codexis will post -0.77 EPS for the current year.

Wall Street Analysts Forecast Growth

Several analysts have commented on CDXS shares. Wall Street Zen upgraded Codexis from a “strong sell” rating to a “hold” rating in a report on Saturday, March 14th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Codexis in a report on Thursday, March 12th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Codexis in a report on Wednesday, January 21st. Finally, Stifel Nicolaus set a $5.00 target price on Codexis in a report on Thursday, March 12th. One research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Codexis currently has a consensus rating of “Hold” and an average price target of $5.00.

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.