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Opaleye Management Inc. buys $193k worth of Codexis stock By Investing.com

Opaleye Management Inc. buys $193k worth of Codexis stock By Investing.com


Opaleye Management Inc., a significant shareholder in Codexis , Inc. (NASDAQ:), has recently increased its stake in the company through the purchase of additional shares. On September 18, 2024, Opaleye Management executed two separate transactions, acquiring a total of 61,000 shares of Codexis common stock at an average price of $3.1638 per share, amounting to a total investment of approximately $193,000.

The bulk of the purchase consisted of 55,000 shares, which, after the transaction, brought Opaleye Management’s total holdings in Codexis to 7,380,000 shares. The remaining 6,000 shares were acquired for a separately managed account, increasing its holdings to 205,000 shares. The shares were bought in multiple transactions at prices ranging from $3.0883 to $3.22.

These transactions demonstrate Opaleye Management’s continued confidence in Codexis, a company specializing in industrial organic chemicals. As a ten percent owner of Codexis, Opaleye Management’s investment decisions are closely watched by market participants for indications of the firm’s outlook on the company’s prospects.

Opaleye Management’s purchases are noteworthy, considering the firm’s significant position in Codexis and the potential influence such transactions may have on the market’s perception of the company’s value. However, Opaleye Management has stated that they disclaim beneficial ownership of the shares reported herein, except to the extent of its pecuniary interest.

Investors and observers of Codexis will be paying close attention to future filings to gauge the investment firm’s strategy and its implications for the company’s stock performance.

In other recent news, Codexis, Inc. reported its second quarter 2024 results, which aligned with expectations, and reaffirmed its guidance for the full year 2024. The company’s performance was bolstered by the successful commercialization of its dsRNA ligase program, a key component in Codexis’ growth strategy. Piper Sandler, which maintains an Overweight rating on Codexis, noted the company’s strategic focus on producing RNAi therapeutics through its proprietary ECO Synthesis platform.

In addition, Codexis reported revenues of $8 million for the second quarter, and anticipates double-digit product revenue growth in 2024. The company is also aiming for positive cash flow by the end of 2026, leveraging its pharmaceutical manufacturing pipeline and ligase orders. Codexis is engaging with major players to provide cost-effective…

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