Opaleye Management Inc. Buys 1,055,000 Shares of Codexis, Inc. (NASDAQ:CDXS) Stock

Codexis, Inc. (NASDAQ:CDXS) major shareholder Opaleye Management Inc. bought 1,055,000 shares of the stock in a transaction that occurred on Friday, September 20th. The shares were purchased at an average price of $3.01 per share, with a total value of $3,175,550.00. Following the purchase, the insider now owns 8,390,000 shares of the company’s stock, valued at approximately $25,253,900. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Major shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

Opaleye Management Inc. also recently made the following trade(s):

• On Monday, September 23rd, Opaleye Management Inc. purchased 45,000 shares of Codexis stock. The shares were acquired at an average cost of $2.94 per share, with a total value of $132,300.00.
• On Wednesday, September 18th, Opaleye Management Inc. purchased 61,000 shares of Codexis stock. The stock was bought at an average price of $3.16 per share, for a total transaction of $192,760.00.

Codexis Stock Performance

NASDAQ CDXS opened at $2.89 on Wednesday. The business’s 50-day moving average price is $3.09 and its 200 day moving average price is $3.18. The company has a quick ratio of 2.92, a current ratio of 2.99 and a debt-to-equity ratio of 0.46. The firm has a market cap of $203.91 million, a P/E ratio of -3.11 and a beta of 2.07. Codexis, Inc. has a 52-week low of $1.45 and a 52-week high of $4.91.

Codexis (NASDAQ:CDXS) last released its earnings results on Thursday, August 8th. The biotechnology company reported ($0.32) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.06). Codexis had a negative net margin of 125.41% and a negative return on equity of 64.06%. The company had revenue of $7.98 million during the quarter, compared to analyst estimates of $7.64 million. During the same period in the previous year, the firm posted ($0.17) EPS. On average, equities research analysts expect that Codexis, Inc. will post -0.75 earnings per share for the current year.

Institutional Trading of Codexis

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Los Angeles Capital Management LLC acquired a new stake in Codexis in the second quarter valued at about $54,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in Codexis during the first quarter worth $97,000. State Board of Administration of Florida Retirement System grew its holdings in Codexis by 57.4% during the first quarter. State Board of Administration of Florida Retirement System now owns 28,500 shares of the biotechnology company’s stock worth $99,000 after acquiring an additional 10,395 shares during the period. Marshall Wace LLP acquired a new stake in Codexis in the second quarter valued at $89,000. Finally, SG Americas Securities LLC boosted its position in shares of Codexis by 72.6% during the 2nd quarter. SG Americas Securities LLC now owns 36,677 shares of the biotechnology company’s stock worth $114,000 after purchasing an additional 15,425 shares in the last quarter. Hedge funds and other institutional investors own 78.54% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on CDXS shares. Benchmark lowered Codexis from a “buy” rating to a “hold” rating in a report on Monday, August 19th. Jefferies Financial Group began coverage on Codexis in a research note on Monday, June 3rd. They set a “buy” rating and a $5.00 price target on the stock. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $11.00 price objective on shares of Codexis in a research note on Friday, September 20th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $8.75.

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.