In a report released today, Swayampakula Ramakanth from H.C. Wainwright maintained a Buy rating on Codexis (NASDAQ: CDXS), with a price target of $15.50. The company’s shares closed on Friday at $12.65, close to its 52-week high of $13.60.
Ramakanth said:
“We have updated our financial model to reflect the reported 1Q18 financials. For 2018, we project revenues of $63.1M and estimate a net loss of $0.33 per share. We also note that if the company signs a new CodeEvolver platform agreement with a third major pharma partner in 2H18, it would represent a major upside to our current estimates. Biotherapeutics now a distinct business segment. Codexis entered a collaboration agreement with not rated) to develop the company’s first novel enzyme therapeutic, CDX-6114, for the treatment of phenylketonuria (PKU). and going forward, Codexis plans to report separate P&Ls for the company’s traditional Performance Enzymes segment and the new Novel Biotherapeutics segment.”
According to TipRanks.com, Ramakanth is a 4-star analyst with an average return of 5.3% and a 39.8% success rate. Ramakanth covers the Healthcare sector, focusing on stocks such as Diffusion Pharmaceuticals Inc, Eleven Biotherapeutics, and IntelGenx Technologies.
Codexis has an analyst consensus of Moderate Buy, with a price target consensus of $15.50.
See today’s analyst top recommended stocks >>
Based on Codexis’ latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $4.69 million. In comparison, last year the company had a GAAP net loss of $7.46 million.
Based on the recent corporate insider activity of 20 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of CDXS in relation to earlier this year.
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.
