Codexis (NASDAQ:CDXS) Stock Passes Above Two Hundred Day Moving Average – Here’s Why

Codexis, Inc. (NASDAQ:CDXS) crossed 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 trading hands.

Wall Street Analysts Forecast Growth

Several research firms have commented on CDXS. Cantor Fitzgerald reissued an “overweight” rating and set a $11.00 price target on shares of Codexis in a research note on Friday, November 22nd. Benchmark restated a “hold” rating on shares of Codexis in a research report on Monday, November 4th.

Codexis Stock Performance

The company has a debt-to-equity ratio of 0.39, a current ratio of 3.21 and a quick ratio of 3.15. The stock has a market cap of $429.68 million, a PE ratio of -6.07 and a beta of 2.15. The business has a 50 day moving average price of $4.18 and a two-hundred day moving average price of $3.47.

Codexis (NASDAQ:CDXS) last announced its quarterly earnings results on Thursday, October 31st. The biotechnology company reported ($0.29) earnings per share for the quarter, missing the consensus estimate of ($0.25) by ($0.04). The firm had revenue of $12.83 million for the quarter, compared to analysts’ expectations 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 previous year, the company earned ($0.26) EPS. As a group, equities research analysts forecast that Codexis, Inc. will post -0.77 EPS for the current fiscal year.

Insider Transactions at Codexis

In other news, major shareholder Opaleye Management Inc. acquired 45,000 shares of the firm’s stock in a transaction that occurred on Monday, September 23rd. The stock was bought at an average cost of $2.94 per share, for a total transaction of $132,300.00. Following the acquisition, the insider now directly owns 8,435,000 shares in the company, valued at approximately $24,798,900. The trade was a 0.54 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 2.10% of the company’s stock.

Hedge Funds Weigh In On Codexis

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. FMR LLC lifted its holdings in Codexis by 1.2% in the third quarter. FMR LLC now owns 4,497,090 shares of the biotechnology company’s stock valued at $13,851,000 after acquiring an additional 51,822 shares during the period. Geode Capital Management LLC lifted its stake in shares of Codexis by 0.7% in the 3rd quarter. Geode Capital Management LLC now owns 1,644,039 shares of the biotechnology company’s stock worth $5,065,000 after purchasing an additional 11,082 shares during the period. State Street Corp lifted its stake in shares of Codexis by 2.7% in the 3rd quarter. State Street Corp now owns 1,551,411 shares of the biotechnology company’s stock worth $4,778,000 after purchasing an additional 41,480 shares during the period. Assenagon Asset Management S.A. boosted its holdings in shares of Codexis by 23.4% in the third quarter. Assenagon Asset Management S.A. now owns 1,103,442 shares of the biotechnology company’s stock worth $3,399,000 after buying an additional 209,207 shares during the last quarter. Finally, abrdn plc grew its position in Codexis by 62.5% during the third quarter. abrdn plc now owns 800,410 shares of the biotechnology company’s stock valued at $2,465,000 after buying an additional 307,762 shares during the period. Institutional investors 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.