Codexis (CDXS) Beats Estimates, Shares Surge

Shares of Codexis (CDXS) surged on Friday after the company beat analyst estimates.  The company nearly hit the breakeven point for the quarter posting a loss of .01 (vs the analyst estimate for a .05/share loss) on revenues  of $29.8 million (vs the estimate for $27.3 million).  That’s a big improvement over the .15/share loss they reported a year ago.  Revenues jumped 23% over the year ago period.  The company still expects $120 million in revenue this year which is right in line with the analyst estimate.  They expect to post their first year of profitability in 2012.

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"In addition to our solid financial results, we continued to exceed our goals in our targeted commercial opportunities," said Alan Shaw, president and CEO of Codexis.  "We achieved our technical milestones with Shell, we made our first shipments of two important enzymes to Merck and we saw substantial progress in our efforts in carbon capture and chemicals."

Shares surged about 10% on Friday with heavy volume and reclaimed support of the 50 day moving average.   The stock may be on the verge of breaking out of a large cup with handle base. 

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