Potomac Capital Management Inc. Makes New Investment in Codexis, Inc. $CDXS

Potomac Capital Management Inc. purchased a new position in Codexis, Inc. (NASDAQ:CDXS) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 300,000 shares of the biotechnology company’s stock, valued at approximately $489,000.

A number of other hedge funds have also recently made changes to their positions in CDXS. Royal Bank of Canada boosted its position in shares of Codexis by 24.9% in the 1st quarter. Royal Bank of Canada now owns 437,126 shares of the biotechnology company’s stock worth $1,176,000 after purchasing an additional 87,044 shares in the last quarter. Geode Capital Management LLC boosted its stake in Codexis by 2.7% in the 2nd quarter. Geode Capital Management LLC now owns 1,977,869 shares of the biotechnology company’s stock worth $4,827,000 after purchasing an additional 52,588 shares in the last quarter. Rhumbline Advisers boosted its stake in Codexis by 25.9% in the 2nd quarter. Rhumbline Advisers now owns 135,556 shares of the biotechnology company’s stock worth $331,000 after purchasing an additional 27,897 shares in the last quarter. XTX Topco Ltd bought a new position in Codexis in the 2nd quarter worth about $116,000. Finally, Invesco Ltd. boosted its stake in Codexis by 42.4% in the 2nd quarter. Invesco Ltd. now owns 96,078 shares of the biotechnology company’s stock worth $234,000 after purchasing an additional 28,631 shares in the last quarter. 78.54% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on CDXS shares. Weiss Ratings cut shares of Codexis from a “sell (d-)” rating to a “sell (e+)” rating in a report on Friday, May 22nd. Stifel Nicolaus set a $5.00 price target on shares of Codexis in a report on Thursday, March 12th. Wall Street Zen cut shares of Codexis from a “buy” rating to a “hold” rating in a report on Sunday, May 3rd. Finally, Cantor Fitzgerald reiterated an “overweight” rating on shares of Codexis in a research note on Thursday, March 12th. One investment analyst has rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, Codexis presently has a consensus rating of “Hold” and a consensus price target of $5.00.

Codexis Trading Down 5.4%

Shares of CDXS stock opened at $2.47 on Wednesday. Codexis, Inc. has a 12-month low of $0.96 and a 12-month high of $3.87. The company has a current ratio of 5.36, a quick ratio of 5.23 and a debt-to-equity ratio of 0.94. The firm’s 50 day moving average is $2.46 and its 200 day moving average is $1.85. The stock has a market capitalization of $224.52 million, a P/E ratio of -6.68 and a beta of 2.48.

Codexis (NASDAQ:CDXS) last issued its earnings results on Thursday, May 7th. The biotechnology company reported ($0.10) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.11) by $0.01. The company had revenue of $15.25 million for the quarter, compared to analysts’ expectations of $14.53 million. Codexis had a negative net margin of 40.97% and a negative return on equity of 68.09%. Research analysts expect that Codexis, Inc. will post -0.39 earnings per share for the current year.

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.