Codexis (NASDAQ:CDXS) Downgraded by Wall Street Zen to “Strong Sell”

Codexis (NASDAQ:CDXS) was downgraded by equities research analysts at Wall Street Zen from a “hold” rating to a “strong sell” rating in a note issued to investors on Saturday.

Separately, Weiss Ratings reissued a “sell (e+)” rating on shares of Codexis in a research report on Wednesday, October 8th. One equities research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Codexis presently has a consensus rating of “Hold” and an average target price of $11.00.

Codexis Trading Down 17.2%

Codexis stock traded down $0.35 during midday trading on Friday, reaching $1.69. The stock had a trading volume of 4,982,308 shares, compared to its average volume of 875,516. The company has a quick ratio of 5.70, a current ratio of 5.82 and a debt-to-equity ratio of 0.71. The firm has a market cap of $152.55 million, a price-to-earnings ratio of -2.04 and a beta of 2.57. Codexis has a 52-week low of $1.61 and a 52-week high of $6.08. The company has a fifty day moving average of $2.48 and a 200 day moving average of $2.56.

Codexis (NASDAQ:CDXS) last released its earnings results on Thursday, November 6th. The biotechnology company reported ($0.22) earnings per share for the quarter, missing the consensus estimate of ($0.15) by ($0.07). The business had revenue of $8.60 million for the quarter, compared to the consensus estimate of $18.52 million. Codexis had a negative return on equity of 105.83% and a negative net margin of 113.67%. On average, analysts anticipate that Codexis will post -0.77 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Codexis

Hedge funds have recently added to or reduced their stakes in the business. Envestnet Asset Management Inc. grew its stake in shares of Codexis by 23.0% during the 1st quarter. Envestnet Asset Management Inc. now owns 380,950 shares of the biotechnology company’s stock worth $1,025,000 after purchasing an additional 71,237 shares during the period. Private Advisor Group LLC boosted its holdings in Codexis by 21.9% during the first quarter. Private Advisor Group LLC now owns 342,660 shares of the biotechnology company’s stock worth $922,000 after buying an additional 61,617 shares in the last quarter. Baillie Gifford & Co. grew its position in Codexis by 0.3% during the first quarter. Baillie Gifford & Co. now owns 1,699,644 shares of the biotechnology company’s stock valued at $4,572,000 after buying an additional 5,619 shares during the period. Prescott Group Capital Management L.L.C. increased its holdings in Codexis by 91.5% in the first quarter. Prescott Group Capital Management L.L.C. now owns 568,974 shares of the biotechnology company’s stock valued at $1,531,000 after buying an additional 271,800 shares in the last quarter. Finally, Perkins Capital Management Inc. increased its holdings in Codexis by 69.3% in the first quarter. Perkins Capital Management Inc. now owns 318,800 shares of the biotechnology company’s stock valued at $858,000 after buying an additional 130,450 shares in the last quarter. 78.54% of the stock is owned by hedge funds and other institutional investors.

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.