Benchmark Upgrades Codexis, Inc. (CDXS) to Buy, 'New Enzyme Coming Into Its Own'

Benchmark analyst Robert Wasserman upgraded Codexis, Inc. (NASDAQ: CDXS) from Hold to Buy, PT $9.00.

The analyst comments "Codexis reported positive financial results for their 4Q23, including revenues of $26.6 million and a net loss of $7.2 million or ($0.10) per share, as compared to revenues of $30.4 million and a net loss of $12.6 million or ($0.19) per share in 4Q22. Without COVID-19 related revenues, however, revenues would have increased 42% year-over-year and, excluding non-cash impairment charges, net income in 4Q23 for Codexis would have been $1.1 million or $0.02 per share. Our estimates had been revenues of $14.0 million and a net loss of ($0.20) per share for Codexis' 4Q23. Company management also provided financial guidance of $56-$64 million in revenues for 2024, up 10%-15% from 2023 sans COVID. We are returning CDXS shares to a Buy rating on the strong fourth quarter results and positive guidance going forward."

For an analyst ratings summary and ratings history on Codexis, Inc. click here. For more ratings news on Codexis, Inc. click here.

Shares of Codexis, Inc. closed at $3.72 yesterday.

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