Codexis, Inc. (NASDAQ:CDXS) Sees Significant Decline in Short Interest

Codexis, Inc. (NASDAQ:CDXS) was the recipient of a significant decline in short interest in the month of November. As of November 15th, there was short interest totalling 1,680,000 shares, a decline of 13.8% from the October 31st total of 1,950,000 shares. Based on an average trading volume of 661,400 shares, the days-to-cover ratio is presently 2.5 days.

Wall Street Analysts Forecast Growth

CDXS has been the subject of several research reports. Benchmark reissued a “hold” rating on shares of Codexis in a research report on Monday, November 4th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $11.00 price objective on shares of Codexis in a report on Friday, November 22nd.

Codexis Stock Performance

Shares of Codexis stock opened at $4.72 on Tuesday. Codexis has a 1 year low of $1.85 and a 1 year high of $4.91. The firm’s 50-day moving average is $3.56 and its 200 day moving average is $3.29. The stock has a market cap of $384.10 million, a price-to-earnings ratio of -5.47 and a beta of 2.07. The company has a debt-to-equity ratio of 0.39, a current ratio of 3.21 and a quick ratio of 3.15.

Codexis (NASDAQ:CDXS) last announced its quarterly earnings data on Thursday, October 31st. The biotechnology company reported ($0.29) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.04). Codexis had a negative return on equity of 71.56% and a negative net margin of 96.35%. The firm had revenue of $12.83 million during the quarter, compared to analysts’ expectations of $11.64 million. During the same quarter in the previous year, the firm earned ($0.26) earnings per share. Sell-side analysts anticipate that Codexis will post -0.76 EPS for the current fiscal year.

Insider Buying and Selling at Codexis

In other Codexis news, major shareholder Opaleye Management Inc. purchased 1,055,000 shares of the company’s stock in a transaction that occurred on Friday, September 20th. The stock was bought at an average price of $3.01 per share, with a total value of $3,175,550.00. Following the completion of the purchase, the insider now directly owns 8,390,000 shares of the company’s stock, valued at $25,253,900. The trade was a 14.38 % increase in their position. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Over the last quarter, insiders have bought 1,166,000 shares of company stock worth $3,514,910. 2.10% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Assenagon Asset Management S.A. grew its stake in shares of Codexis by 23.4% during the 3rd quarter. Assenagon Asset Management S.A. now owns 1,103,442 shares of the biotechnology company’s stock valued at $3,399,000 after purchasing an additional 209,207 shares during the period. abrdn plc grew its position in Codexis by 62.5% during the third quarter. abrdn plc now owns 800,410 shares of the biotechnology company’s stock valued at $2,465,000 after buying an additional 307,762 shares during the period. GSA Capital Partners LLP increased its holdings in Codexis by 83.5% during the third quarter. GSA Capital Partners LLP now owns 99,629 shares of the biotechnology company’s stock valued at $307,000 after buying an additional 45,337 shares during the last quarter. Bank of New York Mellon Corp raised its position in Codexis by 12.8% in the second quarter. Bank of New York Mellon Corp now owns 284,166 shares of the biotechnology company’s stock worth $881,000 after acquiring an additional 32,138 shares during the period. Finally, Vanguard Group Inc. boosted its stake in shares of Codexis by 3.1% during the 1st quarter. Vanguard Group Inc. now owns 4,258,201 shares of the biotechnology company’s stock worth $14,861,000 after acquiring an additional 129,773 shares during the last quarter. Institutional investors own 78.54% of the company’s stock.

Codexis Company Profile

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.