TD Cowen Downgrades Codexis Inc. (CDXS) to a Market perform from an Outperform


Codexis Inc.’s recent filing unveils that its Director NICOLS JOHN J unloaded Company’s shares for reported $0.15 million on Apr 18. In the deal valued at $4.14 per share,35,714 shares were sold. As a result of this transaction, NICOLS JOHN J now holds 783,965 shares worth roughly $ 1.41 million.

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Then, NICOLS JOHN J sold 35,714 shares, generating $151,377 in total proceeds. Upon selling the shares at $4.24, the Director now owns 783,965 shares.

Before that, NICOLS JOHN J sold 35,714 shares. Codexis Inc. shares valued at $146,681 were divested by the Director at a price of $4.11 per share. As a result of the transaction, NICOLS JOHN J now holds 783,965 shares, worth roughly $1.41 million.

TD Cowen downgraded its Codexis Inc. [CDXS] rating to a Market perform from a an Outperform in a research note published on Friday, August 07, 2023; the price target was decreased to $4 from $21. PT values the company’s stock at a premium of 55.0 to its Friday closing price.

Price Performance Review of CDXS

On Friday, Codexis Inc. [NASDAQ:CDXS] saw its stock jump 3.45% to $1.80. On the same session, the stock had its day’s lowest price of $1.745, but rose to a high of $1.84. Over the last five days, the stock has gained 9.09%. Codexis Inc. shares have fallen nearly -61.37% since the year began. Nevertheless, the stocks have fallen -74.32% over the past one year. While a 52-week high of $7.96 was reached on 02/02/23, a 52-week low of $1.58 was recorded on 08/18/23. SMA at 50 days reached $2.6109, while 200 days put it at $4.0441. A total of 1.23 million shares were traded, compared to the trading of 0.8 million shares in the previous session.

Levels Of Support And Resistance For CDXS Stock

The 24-hour chart illustrates a support level at 1.7500, which if violated will result in even more drops to 1.7000. On the upside, there is a resistance level at 1.8450. A further resistance level may holdings at 1.8900. The Relative Strength Index (RSI) on the 14-day chart is 36.30, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 0.0356, which suggests price will go down in the next trading period. Percent R suggests that price movement has been low at 46.34%. Stochastics %K at 38.90% indicates the stock is a holding.

How much short interest is there in Codexis Inc.?

A steep rise in short interest was recorded in Codexis Inc. stocks on Aug 14, 2023, dropping by -0.11 million shares to a total of 2.83 million shares. Yahoo Finance data shows the prior-month short interest on Jul 13, 2023 was 2.94 million shares. There was a decline of -3.89%, which implies that there is a negative sentiment for the stock. In spite of short shares comprising just 4.15% of the overall stock float, the days-to-cover ratio (short ratio) fell to 2.54.

Codexis Inc. [CDXS] – Who Are The Largest Shareholders?

In filings from Baillie Gifford & Co., it is revealed that the company now owns 6,140,498 shares, or roughly 9.20% of the outstanding CDXS shares. In other words, the investor’s shares have risen by 33,079 from its previous 13-F filing of 6107419.0. Additionally, BlackRock Fund Advisors increased 13.13% of its stake after which the total value it holdings stand at $18,399,334, while Nantahala Capital Management LLC reduced -2.25% of its stake to hold $18.13 million in the firm. Over the last quarter, ARK Investment Management LLC sold -171,247 shares of Codexis Inc., while The Vanguard Group, Inc. sold 21,211 shares. At present, Telemark Asset Management LLC is holding 2,544,500 shares valued at $9.16 million. Federated MDTA LLC owned 2,525,065 shares of the company at the time of its most recent 13F filing, worth $9.09 million.

According to FactSet, Codexis Inc.’s share price will average $7.71 in the next year, based on opinions of analysts polled by the firm. This is up nearly 244.83 percent from its previous closing price of $1.74. Analysts expect Codexis Inc. stock to reach the higher price of $14.00, while the lowest price estimate is $4.00. However, 7 analysts have rated CDXS stock as a Buy in their predictions for 2023.


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