Codexis (NASDAQ:CDXS) Given New $8.00 Price Target at Piper Sandler

Codexis (NASDAQ:CDXS) had its price target cut by research analysts at Piper Sandler from $9.00 to $8.00 in a report issued on Monday,Benzinga reports. The firm currently has an “overweight” rating on the biotechnology company’s stock. Piper Sandler’s price target points to a potential upside of 407.94% from the stock’s current price.

A number of other research analysts have also weighed in on CDXS. Weiss Ratings raised shares of Codexis from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, July 20th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Codexis in a research report on Wednesday, June 17th. Finally, Wall Street Zen lowered Codexis from a “hold” rating to a “sell” rating in a research note on Saturday. Two investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $6.50.

Codexis Stock Performance

Shares of NASDAQ:CDXS traded up $0.01 during trading on Monday, reaching $1.57. The stock had a trading volume of 544,718 shares, compared to its average volume of 1,582,878. Codexis has a 52 week low of $0.96 and a 52 week high of $3.12. The firm has a market capitalization of $172.48 million, a price-to-earnings ratio of -4.63 and a beta of 2.54. The company has a quick ratio of 2.99, a current ratio of 3.06 and a debt-to-equity ratio of 1.03. The stock has a fifty day simple moving average of $2.09 and a two-hundred day simple moving average of $1.98.

Codexis (NASDAQ:CDXS) last posted its quarterly earnings data on Tuesday, August 11th. The biotechnology company reported ($0.13) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.14) by $0.01. The business had revenue of $14.91 million during the quarter, compared to the consensus estimate of $13.82 million. Codexis had a negative net margin of 39.55% and a negative return on equity of 74.36%. As a group, analysts anticipate that Codexis will post -0.37 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Codexis

Several large investors have recently added to or reduced their stakes in CDXS. Bank of America Corp DE bought a new stake in shares of Codexis in the 2nd quarter worth approximately $544,000. Man Group plc bought a new stake in shares of Codexis during the second quarter valued at approximately $1,278,000. The Manufacturers Life Insurance Company bought a new stake in shares of Codexis during the second quarter valued at approximately $57,000. Algert Global LLC raised its stake in shares of Codexis by 118.2% in the second quarter. Algert Global LLC now owns 430,910 shares of the biotechnology company’s stock valued at $974,000 after purchasing an additional 233,463 shares in the last quarter. Finally, EP Wealth Advisors LLC acquired a new position in shares of Codexis in the second quarter valued at $35,000. Institutional investors and hedge funds own 78.54% of the company’s stock.

Codexis Company Profile

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.