Robinhood shares gain on Q2 beat, as user and crypto growth accelerate
Opaleye Management Inc., a significant shareholder in Codexis , Inc. (NASDAQ:CDXS), has recently increased its stake in the company with a purchase of 45,000 shares, totaling $210,994. According to InvestingPro data, this investment comes as the stock has shown remarkable momentum, delivering a 65% return over the past six months and trading near $5 per share. The transactions were executed on December 30 and December 31, with purchase prices ranging from $4.6603 to $4.6969 per share. Following these acquisitions, Opaleye Management now holds 8,590,000 shares indirectly through Opaleye, L.P. The investment firm, led by James Silverman, President, maintains its position as a ten percent owner of the company. While analyst targets suggest potential upside with a high target of $11, InvestingPro analysis indicates the stock is currently trading near its Fair Value. Subscribers can access 10+ additional ProTips and a comprehensive research report for deeper insights into Codexis's financial health and growth prospects.
In other recent news, Codexis, Inc. has announced several significant developments. The enzyme technology company reported an increase in its third-quarter revenues for 2024 to $12.8 million from $9.3 million the previous year, with product revenue rising to $11.2 million. The company has also appointed Dr. Raymond (NS:RYMD) De Vré, a biotech veteran with extensive experience in the sector, as a new independent board member.
Simultaneously, Codexis has made amendments to its bylaws to align with recent Delaware law developments. The company has strategically divested its genomics enzyme portfolio to concentrate on its core business, with a goal to reach profitability by the end of 2026.
Despite a decrease in R&D revenue to $1.7 million and an increase in SG&A expenses to $13.6 million, Codexis remains optimistic about its future, expecting a partnership with Alphazyme to generate initial revenues in 2025. The company also plans to enhance enzyme production and establish a kilogram-scale ECO Synthesis manufacturing facility, with a strong cash position of $90 million expected to fund operations through 2027. These are the latest developments in the company's ongoing operations.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.