Fred Alger Management LLC Lowers Holdings in Codexis, Inc. (NASDAQ:CDXS)

Fred Alger Management LLC lowered its stake in shares of Codexis, Inc. (NASDAQ:CDXS) by 64.0% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 125,916 shares of the biotechnology company’s stock after selling 223,574 shares during the quarter. Fred Alger Management LLC owned about 0.15% of Codexis worth $388,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of CDXS. Assenagon Asset Management S.A. increased its position in Codexis by 23.4% during the third quarter. Assenagon Asset Management S.A. now owns 1,103,442 shares of the biotechnology company’s stock worth $3,399,000 after purchasing an additional 209,207 shares during the last quarter. abrdn plc raised its position in shares of Codexis by 62.5% in the 3rd quarter. abrdn plc now owns 800,410 shares of the biotechnology company’s stock worth $2,465,000 after buying an additional 307,762 shares during the period. GSA Capital Partners LLP boosted its holdings in Codexis by 83.5% in the third quarter. GSA Capital Partners LLP now owns 99,629 shares of the biotechnology company’s stock valued at $307,000 after acquiring an additional 45,337 shares during the last quarter. Bank of New York Mellon Corp grew its position in Codexis by 12.8% during the second quarter. Bank of New York Mellon Corp now owns 284,166 shares of the biotechnology company’s stock valued at $881,000 after acquiring an additional 32,138 shares during the period. Finally, Vanguard Group Inc. increased its stake in Codexis by 3.1% during the first 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. 78.54% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $11.00 price objective on shares of Codexis in a research note on Friday, November 22nd. Benchmark reiterated a “hold” rating on shares of Codexis in a research note on Monday, November 4th.

Codexis Price Performance

CDXS stock opened at $4.58 on Monday. The firm has a market cap of $372.71 million, a P/E ratio of -5.26 and a beta of 2.07. The company has a debt-to-equity ratio of 0.39, a quick ratio of 3.15 and a current ratio of 3.21. Codexis, Inc. has a 1 year low of $1.85 and a 1 year high of $4.91. The stock has a 50-day simple moving average of $3.56 and a 200-day simple moving average of $3.29.

Codexis (NASDAQ:CDXS) last issued its quarterly earnings data on Thursday, October 31st. The biotechnology company reported ($0.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.25) by ($0.04). Codexis had a negative net margin of 96.35% and a negative return on equity of 71.56%. The firm had revenue of $12.83 million during the quarter, compared to analyst estimates of $11.64 million. During the same period last year, the business earned ($0.26) EPS. On average, equities analysts predict that Codexis, Inc. will post -0.76 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Codexis news, major shareholder Opaleye Management Inc. acquired 1,055,000 shares of the stock in a transaction on Friday, September 20th. The stock was purchased at an average price of $3.01 per share, for a total transaction of $3,175,550.00. Following the purchase, the insider now directly owns 8,390,000 shares in the company, valued at $25,253,900. This trade represents a 14.38 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders have bought 1,166,000 shares of company stock valued at $3,514,910 in the last quarter. Company insiders own 2.10% 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.