Brokerages predict that Codexis, Inc. (NASDAQ:CDXS) will announce $10.04 million in sales for the current fiscal quarter, Zacks reports. Three analysts have made estimates for Codexis’ earnings, with the lowest sales estimate coming in at $9.20 million and the highest estimate coming in at $10.90 million. Codexis posted sales of $16.00 million during the same quarter last year, which would indicate a negative year-over-year growth rate of 37.3%. The company is scheduled to report its next quarterly earnings results after the market closes on Wednesday, August 9th.
On average, analysts expect that Codexis will report full-year sales of $10.04 million for the current fiscal year, with estimates ranging from $50.30 million to $51.50 million. For the next financial year, analysts forecast that the company will post sales of $64.79 million per share, with estimates ranging from $59.60 million to $68.78 million. Zacks’ sales averages are a mean average based on a survey of analysts that cover Codexis.
Codexis (NASDAQ:CDXS) last posted its earnings results on Tuesday, May 9th. The biotechnology company reported ($0.18) EPS for the quarter, missing the consensus estimate of ($0.15) by $0.03. The company had revenue of $7.97 million for the quarter, compared to analyst estimates of $9.23 million. Codexis had a negative return on equity of 49.35% and a negative net margin of 18.53%. The firm’s revenue was down .4% on a year-over-year basis. During the same period last year, the business earned ($0.11) earnings per share.
Several research firms have commented on CDXS. BidaskClub downgraded Codexis from a “buy” rating to a “hold” rating in a research note on Friday, July 28th. ValuEngine raised Codexis from a “sell” rating to a “hold” rating in a research note on Wednesday, June 21st. HC Wainwright set a $8.00 price objective on Codexis and gave the company a “buy” rating in a research note on Thursday, May 11th. Zacks Investment Research raised Codexis from a “strong sell” rating to a “hold” rating in a research note on Tuesday, July 11th. Finally, Jefferies Group LLC began coverage on Codexis in a research note on Wednesday, May 31st. They set a “buy” rating and a $8.00 price objective for the company. One analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $6.80.
A number of institutional investors have recently added to or reduced their stakes in the company. Prescott Group Capital Management L.L.C. boosted its position in Codexis by 607.8% in the second quarter. Prescott Group Capital Management L.L.C. now owns 2,040,324 shares of the biotechnology company’s stock valued at $11,120,000 after buying an additional 1,752,049 shares during the last quarter. William Blair Investment Management LLC boosted its position in Codexis by 40.2% in the first quarter. William Blair Investment Management LLC now owns 986,839 shares of the biotechnology company’s stock valued at $4,737,000 after buying an additional 282,909 shares during the last quarter. Blair William & Co. IL boosted its position in Codexis by 523.1% in the first quarter. Blair William & Co. IL now owns 173,097 shares of the biotechnology company’s stock valued at $831,000 after buying an additional 145,315 shares during the last quarter. Essex Investment Management Co. LLC boosted its position in Codexis by 40.1% in the second quarter. Essex Investment Management Co. LLC now owns 288,876 shares of the biotechnology company’s stock valued at $1,574,000 after buying an additional 82,738 shares during the last quarter. Finally, Comprehensive Portfolio Management LLC acquired a new position in Codexis during the second quarter valued at about $426,000. Institutional investors own 54.90% of the company’s stock.
Codexis (CDXS) traded up 0.98% during mid-day trading on Friday, reaching $5.15. The company had a trading volume of 82,486 shares. The company’s market capitalization is $248.07 million. The firm’s 50 day moving average price is $5.28 and its 200-day moving average price is $4.70. Codexis has a 12 month low of $3.60 and a 12 month high of $5.70.
About Codexis
Codexis, Inc is a developer of biocatalysts for the pharmaceutical and fine chemicals markets. The Company’s CodeEvolver protein engineering technology platform, which introduces genetic mutations into genes in order to give rise to changes in the enzymes that they produce, overcomes many of the limitations, allowing customers to evolve and optimize biocatalysts to perform specific and desired chemical reactions at commercial scale.
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