Codexis (CDXS):  This is an interesting, albeit speculative, biofuels play that debuted with an IPO just a few days ago on April 22nd.  The company produces custom biocatalysts (aka “super enzymes”) for the biofuel and pharma industries.  They are involved in a big research project with oil giant Shell (which also has a stake in the company) to develop advanced biofuels, where the super enzymes provide a catalyst in production.  Greentech Media has an excellent report on this company and their tangled web of contracts and relationships.  I’ll spare you the details.. have a read for yourself.  The bottom line is that this is a highly speculative company and while the stock has done well since it’s IPO, the market generally hasn’t been so kind to speculative IPO’s.  I personally think the pharmaceutical business has better prospects, but that’s based on healthy skepticism of the profitability of the biofuels industry rather than expert knowledge of its pharma biz.  Click Here For More Codexis Analysis