Insider Buying: Codexis, Inc. (NASDAQ:CDXS) Major Shareholder Purchases 61,000 Shares of Stock

Codexis, Inc. (NASDAQ:CDXS) major shareholder Opaleye Management Inc. acquired 61,000 shares of the stock in a transaction that occurred on Wednesday, September 18th. The stock was purchased at an average price of $3.16 per share, for a total transaction of $192,760.00. Following the completion of the purchase, the insider now directly owns 7,380,000 shares in the company, valued at approximately $23,320,800. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Large shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

Codexis Price Performance

CDXS stock traded up $0.10 during midday trading on Thursday, reaching $3.21. The company had a trading volume of 385,850 shares, compared to its average volume of 495,254. The firm has a 50-day moving average price of $3.11 and a 200-day moving average price of $3.20. The company has a market capitalization of $226.49 million, a P/E ratio of -3.42 and a beta of 2.07. Codexis, Inc. has a 1 year low of $1.45 and a 1 year high of $4.91. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.99 and a quick ratio of 2.92.

Codexis (NASDAQ:CDXS) last announced its earnings results on Thursday, August 8th. The biotechnology company reported ($0.32) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.26) by ($0.06). Codexis had a negative return on equity of 64.06% and a negative net margin of 125.41%. The company had revenue of $7.98 million during the quarter, compared to analysts’ expectations of $7.64 million. During the same quarter last year, the firm posted ($0.17) earnings per share. On average, research analysts anticipate that Codexis, Inc. will post -0.75 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Codexis

Several institutional investors have recently modified their holdings of CDXS. Rhumbline Advisers raised its position in Codexis by 3.8% in the 2nd quarter. Rhumbline Advisers now owns 108,594 shares of the biotechnology company’s stock worth $337,000 after purchasing an additional 4,017 shares during the period. Algert Global LLC grew its stake 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 valued at $129,000 after buying an additional 6,069 shares during the last quarter. State Board of Administration of Florida Retirement System increased its holdings in shares of Codexis by 57.4% in the first quarter. State Board of Administration of Florida Retirement System now owns 28,500 shares of the biotechnology company’s stock worth $99,000 after buying an additional 10,395 shares during the period. SG Americas Securities LLC lifted its stake in shares of Codexis by 72.6% in the 2nd quarter. SG Americas Securities LLC now owns 36,677 shares of the biotechnology company’s stock valued at $114,000 after acquiring an additional 15,425 shares during the last quarter. Finally, American Century Companies Inc. boosted its holdings in Codexis by 18.9% during the 2nd quarter. American Century Companies Inc. now owns 100,734 shares of the biotechnology company’s stock valued at $312,000 after acquiring an additional 16,019 shares during the period. 78.54% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on CDXS shares. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $11.00 target price on shares of Codexis in a report on Thursday, August 29th. Jefferies Financial Group began coverage on shares of Codexis in a report on Monday, June 3rd. They set a “buy” rating and a $5.00 target price on the stock. Finally, Benchmark downgraded shares of Codexis from a “buy” rating to a “hold” rating in a report on Monday, August 19th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, Codexis has an average rating of “Hold” and a consensus price target of $8.75.

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.