Codexis (NASDAQ:CDXS) Stock Passes Above 200-Day Moving Average – Time to Sell?

Codexis, Inc. (NASDAQ:CDXS) crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $2.00 and traded as high as $2.06. Codexis shares last traded at $1.99, with a volume of 786,069 shares traded.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on CDXS. Weiss Ratings upgraded Codexis from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday. Wall Street Zen cut Codexis from a “buy” rating to a “hold” rating in a report on Sunday, May 3rd. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of Codexis in a research report on Wednesday, June 17th. One research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $5.00.

Codexis Stock Down 3.4%

The company has a debt-to-equity ratio of 0.94, a quick ratio of 5.23 and a current ratio of 5.36. The company’s fifty day moving average price is $2.45 and its 200-day moving average price is $2.00. The stock has a market cap of $180.89 million, a P/E ratio of -5.38 and a beta of 2.50.

Codexis (NASDAQ:CDXS) last issued its quarterly earnings results on Thursday, May 7th. The biotechnology company reported ($0.10) EPS for the quarter, beating the consensus estimate of ($0.11) by $0.01. The company had revenue of $15.25 million for the quarter, compared to the consensus estimate of $14.53 million. Codexis had a negative net margin of 40.97% and a negative return on equity of 68.09%. Equities analysts forecast that Codexis, Inc. will post -0.39 EPS for the current year.

Institutional Investors Weigh In On Codexis

Several hedge funds and other institutional investors have recently modified their holdings of the business. Navalign LLC purchased a new position in Codexis during the 4th quarter valued at $25,000. Victory Capital Management Inc. purchased a new stake in Codexis in the third quarter worth $25,000. State of Wyoming purchased a new stake in Codexis in the second quarter worth $25,000. CIBC Bancorp USA Inc. bought a new stake in shares of Codexis during the third quarter worth $26,000. Finally, BNP Paribas Financial Markets lifted its position in shares of Codexis by 93.8% during the third quarter. BNP Paribas Financial Markets now owns 16,608 shares of the biotechnology company’s stock worth $41,000 after purchasing an additional 8,038 shares during the last quarter. 78.54% of the stock is currently owned by hedge funds and other institutional investors.

Codexis Company Profile

Codexis, Inc, headquartered in Redwood City, California, is a leading protein engineering company focused on the development of innovative enzyme solutions for pharmaceutical, food and beverage, and specialty chemical applications. The company’s proprietary directed evolution platform, CodeEvolver®, enables the rapid identification and optimization of enzymes with enhanced activity, selectivity and stability. By leveraging this technology, Codexis provides custom biocatalysts designed to improve manufacturing efficiency and reduce environmental impact.

Since its founding in 2002, Codexis has expanded its capabilities from early-stage research to commercial-scale production.