Codexis (CDXS) Receives a Buy from H.C. Wainwright


In a report released today, Swayampakula Ramakanth from H.C. Wainwright reiterated a Buy rating on Codexis (CDXS), with a price target of $16.50. The company’s shares closed on Friday at $15.71.

Ramakanth noted:

“We have updated our financial model to reflect the reported 3Q18 financials. For 2018, we project revenues of $61.2M and estimate a net loss of $0.24 per share. CDX-6114 is shown to be safe and effective. The company announced positive results from the first-in-human Phase 1a study of CDX-6114, an oral therapeutic enzyme for the treatment of phenylketonuria (PKU). A total of 32 healthy volunteers tested four different doses of CDX-6114 in this study. While the company did not release the detailed study results, according to management the drug was well tolerated at all four dose levels with no serious adverse events or GI-related symptoms. In addition, CDX-6114 showed a dose- dependent pharmacodynamic response, which suggests that the drug is able to degrade phenylalanine as intended.”

According to TipRanks.com, Ramakanth is a 2-star analyst with an average return of 0.7% and a 34.4% success rate. Ramakanth covers the Healthcare sector, focusing on stocks such as Diffusion Pharmaceuticals Inc, IntelGenx Technologies, and Trillium Therapeutics.

Currently, the analyst consensus on Codexis is a Strong Buy with an average price target of $18.83, representing a 19.9% upside. In a report issued on November 8, Cowen & Co. also assigned a Buy rating to the stock with a $20 price target.

.

See today’s analyst top recommended stocks >>

The company has a one-year high of $19.60 and a one-year low of $5.70. Currently, Codexis has an average volume of 389K.

Based on the recent corporate insider activity of 45 insiders, corporate insider sentiment is negative on the stock. Most recently, in September 2018, Bernard Kelley, a Director at CDXS sold 16,666 shares for a total of $285,655.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Codexis, Inc. engages in the discovery, development, and sale of proteins. It offers enzyme optimization services and developing biocatalyst products. Its technologies accelerate the development of manufacturing processes for active pharmaceutical ingredients fine chemicals, agrochemicals, food ingredients, detergents and biofuels.

Stay Ahead of Everyone Else

Get The Latest Stock News Alerts