Codexis (CDXS) Shares Gap Down After Insider Selling

Codexis (NASDAQ:CDXS) gapped down prior to trading on Friday following insider selling activity. The stock had previously closed at $11.50, but opened at $10.70. Codexis shares last traded at $10.40, with a volume of 2866513 shares.

Specifically, Director Thomas R. Baruch sold 25,000 shares of Codexis stock in a transaction on Thursday, March 29th. The stock was sold at an average price of $11.05, for a total transaction of $276,250.00. Following the completion of the transaction, the director now directly owns 184,670 shares of the company’s stock, valued at $2,040,603.50. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Bernard J. Kelley sold 10,206 shares of Codexis stock in a transaction on Wednesday, March 21st. The shares were sold at an average price of $12.22, for a total value of $124,717.32. The disclosure for this sale can be found here. Over the last three months, insiders have sold 105,337 shares of company stock valued at $1,187,683. Company insiders own 9.80% of the company’s stock.

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A number of research firms recently issued reports on CDXS. HC Wainwright set a $12.00 price target on Codexis and gave the company a “buy” rating in a report on Monday, March 12th. ValuEngine raised Codexis from a “hold” rating to a “buy” rating in a report on Monday, April 2nd. Zacks Investment Research cut Codexis from a “hold” rating to a “sell” rating in a report on Wednesday, March 14th. Finally, BidaskClub cut Codexis from a “buy” rating to a “hold” rating in a report on Thursday, January 4th. One investment analyst has rated the stock with a sell rating, three have assigned a buy rating and one has given a strong buy rating to the stock. Codexis has a consensus rating of “Buy” and a consensus price target of $9.75.

The company has a quick ratio of 1.76, a current ratio of 1.80 and a debt-to-equity ratio of 0.02. The firm has a market cap of $523.08, a PE ratio of -20.80 and a beta of -1.73.

Codexis (NASDAQ:CDXS) last released its quarterly earnings results on Thursday, March 8th. The biotechnology company reported $0.02 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.05 by ($0.03). Codexis had a negative net margin of 45.97% and a negative return on equity of 103.42%. The business had revenue of $21.70 million during the quarter, compared to the consensus estimate of $22.97 million. During the same period in the prior year, the firm earned ($0.07) earnings per share. The business’s quarterly revenue was up 117.0% compared to the same quarter last year. equities analysts predict that Codexis will post -0.25 EPS for the current fiscal year.

Several institutional investors have recently added to or reduced their stakes in CDXS. Thompson Davis & CO. Inc. raised its holdings in Codexis by 1,753.5% during the 4th quarter. Thompson Davis & CO. Inc. now owns 18,535 shares of the biotechnology company’s stock worth $155,000 after purchasing an additional 17,535 shares during the last quarter. Burney Co. bought a new stake in Codexis during the 4th quarter worth about $167,000. MetLife Investment Advisors LLC bought a new stake in Codexis during the 4th quarter worth about $179,000. Virtu Financial LLC bought a new stake in Codexis during the 4th quarter worth about $202,000. Finally, The Manufacturers Life Insurance Company raised its holdings in Codexis by 30.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 35,264 shares of the biotechnology company’s stock worth $192,000 after purchasing an additional 8,244 shares during the last quarter. 70.84% of the stock is owned by institutional investors and hedge funds.

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Codexis Company Profile

Codexis, Inc discovers, develops, and sells protein catalysts. It also 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 protein catalyst screening and protein engineering services.

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