Piper Sandler Initiates Coverage on Codexis (NASDAQ:CDXS)

Piper Sandler initiated coverage on shares of Codexis (NASDAQ:CDXS) in a report published on Monday, PriceTargets.com reports. The firm issued an overweight rating and a $32.00 price objective on the biotechnology company’s stock. Piper Sandler also issued estimates for Codexis’ Q1 2021 earnings at ($0.21) EPS, Q2 2021 earnings at ($0.16) EPS, Q3 2021 earnings at ($0.12) EPS, Q4 2021 earnings at ($0.12) EPS, FY2021 earnings at ($0.62) EPS, Q1 2022 earnings at ($0.22) EPS, Q2 2022 earnings at ($0.17) EPS, Q3 2022 earnings at ($0.11) EPS, Q4 2022 earnings at ($0.09) EPS and FY2022 earnings at ($0.59) EPS.

Other equities research analysts have also issued reports about the stock. Stifel Nicolaus initiated coverage on shares of Codexis in a research note on Monday, March 8th. They issued a buy rating and a $30.00 price target on the stock. Benchmark increased their price target on shares of Codexis from $21.00 to $29.00 and gave the company a buy rating in a research note on Wednesday, December 30th. Zacks Investment Research raised Codexis from a sell rating to a hold rating in a research report on Wednesday, March 3rd. Finally, HC Wainwright raised their price target on Codexis from $21.00 to $26.00 and gave the stock a buy rating in a research report on Thursday, March 4th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. Codexis currently has an average rating of Buy and a consensus target price of $24.67.

NASDAQ:CDXS opened at $24.53 on Monday. Codexis has a 1 year low of $10.01 and a 1 year high of $29.56. The stock has a market cap of $1.58 billion, a price-to-earnings ratio of -70.09 and a beta of 1.17. The stock has a 50-day moving average price of $21.99 and a two-hundred day moving average price of $20.05.

Codexis (NASDAQ:CDXS) last posted its quarterly earnings data on Thursday, February 25th. The biotechnology company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.13) by $0.07. The company had revenue of $21.03 million during the quarter, compared to analysts’ expectations of $20.36 million. Codexis had a negative return on equity of 21.25% and a negative net margin of 31.08%. As a group, equities analysts expect that Codexis will post -0.47 earnings per share for the current year.

In other news, Director Bernard J. Kelley sold 2,500 shares of the stock in a transaction on Thursday, January 21st. The stock was sold at an average price of $24.98, for a total transaction of $62,450.00. Following the completion of the transaction, the director now owns 208,636 shares in the company, valued at approximately $5,211,727.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Dennis P. Wolf sold 10,000 shares of the business’s stock in a transaction dated Thursday, March 25th. The shares were sold at an average price of $20.44, for a total value of $204,400.00. Following the completion of the sale, the director now owns 45,987 shares in the company, valued at $939,974.28. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 32,500 shares of company stock worth $761,050. 10.20% of the stock is owned by insiders.

A number of large investors have recently modified their holdings of the business. Asymmetry Capital Management L.P. bought a new stake in shares of Codexis in the fourth quarter valued at approximately $6,953,000. Credit Suisse AG raised its holdings in Codexis by 90.3% during the 4th quarter. Credit Suisse AG now owns 100,551 shares of the biotechnology company’s stock valued at $2,195,000 after acquiring an additional 47,713 shares during the period. Great West Life Assurance Co. Can raised its holdings in Codexis by 721.4% during the 3rd quarter. Great West Life Assurance Co. Can now owns 28,306 shares of the biotechnology company’s stock valued at $1,062,000 after acquiring an additional 24,860 shares during the period. Charles Schwab Investment Management Inc. lifted its position in shares of Codexis by 1.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 343,153 shares of the biotechnology company’s stock worth $4,029,000 after acquiring an additional 4,681 shares in the last quarter. Finally, Morgan Stanley boosted its holdings in shares of Codexis by 8.4% in the third quarter. Morgan Stanley now owns 495,134 shares of the biotechnology company’s stock worth $5,813,000 after acquiring an additional 38,288 shares during the period. Hedge funds and other institutional investors own 91.33% of the company’s stock.

Codexis Company Profile

Codexis, Inc discovers, develops, and sells biocatalysts. It offers intermediate chemicals products that are used for further chemical processing; and Codex biocatalyst panels and kits that enable customers to perform chemistry screening. The company also provides biocatalyst screening and protein engineering services.

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Analyst Recommendations for Codexis (NASDAQ:CDXS)

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