Codexis slumps on forecast downgrade, PT cuts

Codexis

15/07/2022 14:29

** Protein engineering co Codexis Inc's  CDXS.O  shares
plunge ~24% to $9.25 premarket after co cuts FY sales forecast 
    ** Co sees FY sales between $135 mln and $141 mln, down from
prior estimate of $152 mln to $158 mln 
    ** CDXS blames the downgrade on lower R&D revenue due to a
mix of fewer new deals and lower-than-anticipated revenue from
existing customers 
    ** "We believe CDXS's commercial revenues and sufficient
cash avoids any near-term capital needs, but cost-managing
across biopharma is negatively impacting the top-line," says
Piper Sandler analyst Do Kim 
    ** At least 3 brokerages cut PTs on the stock; Piper cuts PT
to $22 from $35, compared with median PT is $21.50
    ** Co also sees Q2 revenue of $38 mln vs estimates of $40.2
mln 
    ** Up to Thursday's close, stock had fallen ~61% YTD 

 (Reporting by Johann M Cherian)
 ((yohann.mcherian@thomsonreuters.com))