Codexis plunges on deep-discounted stock offering
BUZZ-Codexis plunges on deep-discounted stock offering ** Enzyme engineering co Codexis CDXS.O shares down 27.1% before the bell on Fri to $1.45 after $25 mln follow-on priced
** CDXS late Thurs sold ~16.7 mln shares at $1.50, a 24.6% discount to last sale
** It plans to use net offering proceeds for working capital and other general purposes, including R&D
** Piper Sandler and Cantor Fitzgerald joint bookrunners
** CDXS, which has ~90.9 mln shares outstanding, said in a filing late Thurs it expects to report Q2 rev of at least $14.8 mln, and cash and equivalents of approx $54.9 mln as of June 30
** In May, Redwood City, California-based firm reported Q1 rev more than doubled yr/yr, driven by Merck MRK.N agreement
** At Thurs close, CDXS shares up 22% YTD
** 5 of 7 analysts rate the stock "strong buy" or "buy", 2 "hold"; median Pt $7, per LSEG data
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))