Codexis (CDXS) Trading Down 8.8% Following Insider Selling

Codexis, Inc. (NASDAQ:CDXS) shares traded down 8.8% on Monday following insider selling activity. The stock traded as low as $14.35 and last traded at $14.45. 550,664 shares were traded during trading, an increase of 44% from the average session volume of 381,824 shares. The stock had previously closed at $15.85.

Specifically, Director Dennis P. Wolf sold 41,666 shares of the stock in a transaction on Tuesday, March 27th. The shares were sold at an average price of $11.15, for a total transaction of $464,575.90. Following the transaction, the director now owns 157,920 shares of the company’s stock, valued at approximately $1,760,808. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Bernard J. Kelley sold 10,206 shares of the stock in a transaction on Thursday, June 21st. The shares were sold at an average price of $16.58, for a total transaction of $169,215.48. Following the transaction, the director now directly owns 225,668 shares in the company, valued at approximately $3,741,575.44. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 200,377 shares of company stock worth $2,597,669. 11.40% of the stock is owned by insiders.

Several equities analysts recently commented on the stock. ValuEngine raised shares of Codexis from a “hold” rating to a “buy” rating in a report on Monday, April 2nd. BidaskClub raised shares of Codexis from a “buy” rating to a “strong-buy” rating in a report on Wednesday, June 20th. Stephens started coverage on shares of Codexis in a report on Wednesday, May 16th. They set an “overweight” rating and a $16.00 target price on the stock. Zacks Investment Research lowered shares of Codexis from a “buy” rating to a “sell” rating in a report on Wednesday, May 16th. Finally, Cowen started coverage on shares of Codexis in a report on Tuesday, June 19th. They issued an “outperform” rating and a $18.00 price target on the stock. One research analyst has rated the stock with a sell rating, four have assigned a buy rating and two have assigned a strong buy rating to the stock. Codexis has a consensus rating of “Buy” and a consensus price target of $14.20.

The firm has a market capitalization of $843.85 million, a PE ratio of -31.70 and a beta of -1.63. The company has a current ratio of 1.67, a quick ratio of 1.61 and a debt-to-equity ratio of 0.02.

Codexis (NASDAQ:CDXS) last announced its quarterly earnings results on Thursday, May 10th. The biotechnology company reported ($0.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.02). The firm had revenue of $14.04 million during the quarter, compared to the consensus estimate of $13.50 million. Codexis had a negative return on equity of 87.65% and a negative net margin of 36.06%. equities analysts anticipate that Codexis, Inc. will post -0.27 earnings per share for the current year.

A number of institutional investors have recently made changes to their positions in the business. Telemark Asset Management LLC grew its holdings in Codexis by 58.5% in the 4th quarter. Telemark Asset Management LLC now owns 3,250,000 shares of the biotechnology company’s stock worth $27,138,000 after acquiring an additional 1,200,000 shares during the last quarter. BlackRock Inc. boosted its stake in shares of Codexis by 0.7% during the 4th quarter. BlackRock Inc. now owns 2,672,981 shares of the biotechnology company’s stock valued at $22,320,000 after purchasing an additional 18,193 shares in the last quarter. Baillie Gifford & Co. boosted its stake in shares of Codexis by 25.0% during the 1st quarter. Baillie Gifford & Co. now owns 2,302,979 shares of the biotechnology company’s stock valued at $25,332,000 after purchasing an additional 460,578 shares in the last quarter. Wells Fargo & Company MN boosted its stake in shares of Codexis by 17.9% during the 1st quarter. Wells Fargo & Company MN now owns 1,181,327 shares of the biotechnology company’s stock valued at $12,995,000 after purchasing an additional 179,241 shares in the last quarter. Finally, Lord Abbett & CO. LLC bought a new stake in shares of Codexis during the 1st quarter valued at about $7,544,000. 65.89% of the stock is currently owned by institutional investors and hedge funds.

About Codexis

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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