By Andrew Herndon - Feb 21, 2012 4:40 PM ET
Codexis Inc. (CDXS), the U.S. biotechnology company, had a record decline after Chief Executive Officer Alan Shaw departed and analysts downgraded its shares.
Codexis, which develops enzymes used in the production of biofuels, biochemicals and pharmaceuticals, declined 19 percent to $3.70 at the close in New York, the most since it began trading on April 22, 2010.
Shaw, who was president of the company since it was founded, will leave “to pursue other interests,” the Redwood City, California-based company said in a Feb. 17 statement. Peter Strumph, 47, senior vice president and business head of pharmaceuticals, was appointed interim CEO.
“Alan, in consultation with the board, decided that it was in the best interest of the company to turn over the reins at this time,” Wes Bolsen, chief marketing officer, said today by telephone. “The board decided that now was the best time to put in the leadership team that it’s going to take to move Codexis forward,”
Shaw will continue to serve as a special adviser to the board. His resignation follows the departure of Chief Financial Officer Robert Lawson, who left the company Jan. 24.
Lawson “chose to take another opportunity in the software industry, which is where he came from,” Bolsen said.
Michael Klein, a New York-based analyst with Sidoti & Co., downgraded the shares today to “neutral” from “buy” with a target price of $4. Codexis was also downgraded to “underweight” from “neutral” by Michael Cox, an analyst with Piper Jaffray & Co. in New York.
Ethanol Yeast
Codexis is working with a venture of Royal Dutch Shell Plc and Brazil’s Cosan SA Industria & Comercio on improved yeast strains to boost the output of mills that turn sugar cane into ethanol, technology it said in September it plans to sell at the end of this year.
The company also introduced new enzymes last year for converting biomass into sugars that can be used to make detergent alcohols it’s developing with Chemtex Inc.
“To what extent are these initiatives going to play out and what’s the timeline around when they play out?” Klein said. “That’s the uncertainty right now weighing on the stock.”
Recent CDXS News
- Codexis Finalizes Purchase Agreement with Crosswalk Therapeutics for Gene Therapy Assets • GlobeNewswire Inc. • 07/01/2024 08:05:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/13/2024 10:28:42 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/13/2024 10:28:11 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/13/2024 10:27:54 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/13/2024 10:27:38 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/13/2024 10:27:03 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/13/2024 10:26:11 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/13/2024 10:25:59 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 06/13/2024 08:04:54 PM
- Codexis to Participate in Jefferies Global Healthcare Conference • GlobeNewswire Inc. • 05/22/2024 08:25:41 PM
- Codexis to Participate in TD Cowen 2nd Annual Sustainability Week • GlobeNewswire Inc. • 05/20/2024 08:05:14 PM
- Form 424B5 - Prospectus [Rule 424(b)(5)] • Edgar (US Regulatory) • 05/14/2024 01:11:40 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/14/2024 10:52:02 AM
- Codexis Presents Groundbreaking Enzymatic Synthesis Data at TIDES USA Annual Meeting • GlobeNewswire Inc. • 05/14/2024 10:00:00 AM
- Codexis Reports First Quarter 2024 Financial Results • GlobeNewswire Inc. • 05/02/2024 08:05:00 PM
- Codexis to Report First Quarter 2024 Financial Results on May 2 • GlobeNewswire Inc. • 04/18/2024 08:05:10 PM
- Codexis Appoints Carole Cobb, MBA, to Strategic Advisory Board • GlobeNewswire Inc. • 04/11/2024 11:05:13 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 03/06/2024 09:02:33 PM
- Codexis Reports Fourth Quarter and Fiscal Year 2023 Financial Results • GlobeNewswire Inc. • 02/28/2024 09:05:00 PM
- Biotech Rallied Strongly On Exclusive Licensing Agreement • AllPennyStocks.com • 02/27/2024 05:15:00 PM
- Codexis Enters Exclusive Licensing Agreement for Newly Engineered Double-Stranded DNA Ligase with Roche • GlobeNewswire Inc. • 02/26/2024 09:05:42 PM
- Codexis to Participate in TD Cowen 44th Annual Health Care Conference • GlobeNewswire Inc. • 02/26/2024 01:05:47 PM
- Codexis Announces Appointment of Masad Damha, PhD, and Jim Lalonde, PhD, to Strategic Advisory Board • GlobeNewswire Inc. • 02/20/2024 01:05:01 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/16/2024 09:01:01 PM
- Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend] • Edgar (US Regulatory) • 02/14/2024 09:51:41 PM
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