Codexis (NASDAQ:CDXS) Shares Pass Above 200 Day Moving Average – What’s Next?

Codexis, Inc. (NASDAQ:CDXS)’s stock price passed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred 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 traded.

Wall Street Analyst Weigh In

CDXS has been the subject of several research reports. Benchmark reiterated a “hold” rating on shares of Codexis in a research report on Monday, November 4th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $11.00 target price on shares of Codexis in a research note on Friday, November 22nd.

Codexis Price Performance

The firm has a market capitalization of $422.35 million, a PE ratio of -5.97 and a beta of 2.15. The stock’s 50 day simple moving average is $4.13 and its two-hundred day simple moving average is $3.46. The company has a debt-to-equity ratio of 0.39, a quick ratio of 3.15 and a current ratio of 3.21.

Codexis (NASDAQ:CDXS) last posted its quarterly earnings results on Thursday, October 31st. The biotechnology company reported ($0.29) EPS for the quarter, missing the consensus estimate of ($0.25) by ($0.04). The company had revenue of $12.83 million during the quarter, compared to analyst estimates of $11.64 million. Codexis had a negative net margin of 96.35% and a negative return on equity of 71.56%. During the same period in the prior year, the business posted ($0.26) EPS. On average, sell-side analysts forecast that Codexis, Inc. will post -0.77 EPS for the current year.

Insider Transactions at Codexis

In other news, major shareholder Opaleye Management Inc. purchased 45,000 shares of Codexis stock in a transaction dated Monday, September 23rd. The shares were purchased at an average price of $2.94 per share, with a total value of $132,300.00. Following the transaction, the insider now owns 8,435,000 shares in the company, valued at $24,798,900. This represents a 0.54 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have purchased a total of 1,105,000 shares of company stock worth $3,322,150 in the last quarter. Company insiders own 2.10% of the company’s stock.

Institutional Investors Weigh In On Codexis

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 stake in shares of Codexis by 23.4% in the 3rd quarter. Assenagon Asset Management S.A. now owns 1,103,442 shares of the biotechnology company’s stock valued at $3,399,000 after acquiring an additional 209,207 shares during the period. abrdn plc raised its position in Codexis by 62.5% in the third 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. GSA Capital Partners LLP lifted its stake in Codexis by 83.5% during the third quarter. GSA Capital Partners LLP now owns 99,629 shares of the biotechnology company’s stock worth $307,000 after purchasing an additional 45,337 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in Codexis by 12.8% during the second quarter. Bank of New York Mellon Corp now owns 284,166 shares of the biotechnology company’s stock worth $881,000 after purchasing an additional 32,138 shares in the last quarter. 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. 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.