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
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 09/19/2024 10:16:44 PM
- Form SC 13G/A - Statement of Beneficial Ownership by Certain Investors: [Amend] • Edgar (US Regulatory) • 09/18/2024 08:50:02 PM
- Codexis Announces New Employment Inducement Grants • GlobeNewswire Inc. • 09/06/2024 08:05:08 PM
- Codexis to Participate in Upcoming Healthcare Conferences • GlobeNewswire Inc. • 09/03/2024 08:05:58 PM
- Codexis to Participate in Enzymatic Synthesis Presentations at RNA Leaders Annual Meeting • GlobeNewswire Inc. • 08/20/2024 08:05:36 PM
- Codexis Announces New Employment Inducement Grants • GlobeNewswire Inc. • 08/16/2024 08:05:09 PM
- Codexis Publishes FY2023 Sustainability Disclosures • GlobeNewswire Inc. • 08/15/2024 08:05:22 PM
- Form S-8 - Securities to be offered to employees in employee benefit plans • Edgar (US Regulatory) • 08/09/2024 08:01:38 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 08/08/2024 08:17:08 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/08/2024 08:07:54 PM
- Codexis Reports Second Quarter 2024 Financial Results • GlobeNewswire Inc. • 08/08/2024 08:05:00 PM
- Codexis to Report Second Quarter 2024 Financial Results on August 8 • GlobeNewswire Inc. • 07/18/2024 08:05:11 PM
- Form SC 13G - Statement of Beneficial Ownership by Certain Investors • Edgar (US Regulatory) • 07/12/2024 08:15:13 PM
- 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
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM
Dear Cashmere Group Holding Co. AKA Swifty Global Signs Binding Letter of Intent to be Acquired by Signing Day Sports • DRCR • Sep 19, 2024 10:26 AM
HealthLynked Launches Virtual Urgent Care Through Partnership with Lyric Health. • HLYK • Sep 19, 2024 8:00 AM
Element79 Gold Corp. Appoints Kevin Arias as Advisor to the Board of Directors, Strengthening Strategic Leadership • ELMGF • Sep 18, 2024 10:29 AM
Mawson Finland Limited Further Expands the Known Mineralized Zones at Rajapalot: Palokas step-out drills 7 metres @ 9.1 g/t gold & 706 ppm cobalt • MFL • Sep 17, 2024 9:02 AM
PickleJar Announces Integration With OptCulture to Deliver Holistic Fan Experiences at Venue Point of Sale • PKLE • Sep 17, 2024 8:00 AM