UPDATE: Piper Jaffray Upgrades Codexis to Neutral Post Shell Agreement Termination

Piper Jaffray raised its rating on Codexis CDXS from Underweight to Neutral while reiterating its price target at $2 per share. Piper Jaffray commented, "A central tenet in our previous (Underweight) rating on shares of CDXS was a structural shift in the company's relationship with Shell – an event that came to fruition with the announcement yesterday that the two parties are now non-exclusive and that Shell's R&D payments will cease. As a result, we have elected to upgrade shares to Neutral, while maintaining our $2 price target. The new agreement stipulates a ‘low, single-digit' royalty percentage to be paid to Shell out of any future net sales of CodeXyme to thirdparties, with no apparent sunset." Codexis closed at $2.20 on Tuesday.