CDXS - Codexis price target raised at H.C. Wainwright citing new purchase order

Fokusiert/iStock via Getty Images A receipt of a new purchase order worth up to $13.9M from an unnamed customer for a proprietary high-performance enzyme product prompted Codexis ([[CDXS]] +12.7%) to raise its 2021 guidance. Noting the value of the order as Codexis management initially indicated that the product could contribute only $6 – 7M in 2021, H.C. Wainwright has increased the price target of the company to $27.00 from $26.00 per share implying a premium of ~37.5% to the last close. “We expect this contribution to be sustainable beyond 2021,” the analyst Swayampakula Ramakanth wrote reiterating the buy recommendation on the stock. The firm also highlights management’s decision to raise the 2021 product gross margin and the upcoming launch of the second product in this category leading Ramakanth to conclude, “This line could potentially become another major contributor of growth in 2H21 and beyond.” “Dozens of potential customers” are conducting trials

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Codexis price target raised at H.C. Wainwright citing new purchase order