BUZZ-Codexis plunges on deep-discounted stock offering
CDXS•Second-quarter update and cash position
CDXS, which has about 90.9 million shares outstanding, said in a filing late Thursday it expects to report second-quarter revenue of at least $14.8 million, and cash and equivalents of approximately $54.9 million as of June 30.
In May, the Redwood City, California-based firm reported first-quarter revenue more than doubled year over year, driven by a Merck MRK.N agreement.
At Thursday's close, CDXS shares were up 22% year to date.
Five of seven analysts rate the stock "strong buy" or "buy" and two rate it "hold"; the median price target is $7, per LSEG data.
Shares fall after discounted follow-on pricing
Enzyme engineering co Codexis CDXS.O shares were down 27.1% before the bell on Friday to $1.45 after a $25 million follow-on was priced.
CDXS late Thursday sold about 16.7 million shares at $1.50, a 24.6% discount to the last sale.
It plans to use net offering proceeds for working capital and other general purposes, including R&D.
Piper Sandler and Cantor Fitzgerald were joint bookrunners.
