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Codexis Raises 2021 Revenue Outlook After New Order For Its Enzyme Product

Codexis Raises 2021 Revenue Outlook After New Order For Its Enzyme Product
  • Codexis Inc (NASDAQ: CDXSraised its guidance for 2021 following the receipt of a binding purchase order for up to $13.9 million of a proprietary high-performance enzyme product from an undisclosed pharmaceutical company.
  • Now, the Company expects 2021 total revenues in the range of $89 million to $93 million, up from previous guidance of $82 million to $85 million, higher than the $83.7 million consensus.
  • It expects product revenue in the band of $45 million to $48 million, compared to the earlier outlook of $36 million to $39 million.
  • In addition, the Company also raised 2021 guidance for product gross margin to 60-64%, up from 54-58% guided earlier.
  • HC Wainwright analyst Swayampakula Ramakanth maintained Codexis with a Buy and raised the price target from $26 to $27 (almost 40% upside).
  • Price Action: CDXS shares closed at $19.64 on Thursday.

Latest Ratings for CDXS

Oct 2021HC Wainwright & Co.MaintainsBuy
Aug 2021HC Wainwright & Co.MaintainsBuy
Jun 2021HC Wainwright & Co.MaintainsBuy

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Posted-In: Earnings News Guidance Health Care Price Target Small Cap Analyst Ratings General

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