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Opaleye Management Inc., a significant shareholder in Codexis Inc. (NASDAQ:CDXS), recently increased its stake in the company. According to a Form 4 filing with the Securities and Exchange Commission, Opaleye purchased 100,000 shares of Codexis common stock on April 8, 2025. The shares were acquired at a weighted average price of $1.9838, amounting to a total transaction value of $198,380. The purchase comes as InvestingPro data shows the stock trading near its 52-week low of $1.90, with a significant decline of 59% year-to-date.
Following this purchase, Opaleye Management holds a total of 9,465,000 shares indirectly through Opaleye, L.P., and an additional 250,000 shares through a managed account. The investment firm, based in Boston, Massachusetts, is recognized as a ten percent owner of Codexis, a company specializing in industrial organic chemicals. With a market capitalization of $193 million and a current ratio of 4.18, InvestingPro analysis indicates the company's liquid assets exceed short-term obligations, though it faces profitability challenges. Get access to 10+ additional ProTips and comprehensive financial analysis through InvestingPro's detailed research reports.
In other recent news, Codexis Inc. reported its fourth-quarter 2024 earnings, revealing a significant miss on both earnings per share (EPS) and revenue. The company posted an EPS of -$0.13, falling short of the forecasted -$0.04, and reported revenue of $21.5 million, which was below the expected $28.2 million. In a strategic move, Codexis appointed Cynthia Collins to its Board of Directors, bringing extensive experience from her roles in healthcare and gene therapy. Additionally, Codexis approved equity grants for two newly hired employees as part of its 2024 Inducement Plan, aiming to attract new talent.
The company also announced a new agreement with Pfizer (NYSE:PFE), providing future revenue opportunities beyond their past collaboration on Paxlovid. Codexis's full-year 2024 revenue was reported at $59.3 million, a decrease from $62 million in 2023, with a net loss for the year of $65.3 million, an improvement from the $84.4 million loss in the prior year. The company is focusing on expanding its enzymatic synthesis technology and expects revenue growth in 2025, with projections between $64 million and $68 million. Codexis aims for cash flow positivity by the end of 2026, highlighting its strategic initiatives to enhance production capabilities.
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