Codexis stock price increased by 12.38% during the last trading day’s session. It is nearly 500% up in the past five years following numerous successful agreements with other companies to manufacture different enzymes for chronic diseases, including diabetes.
The healthcare industry has been on the rise during the pandemic, bringing into the spotlight all the stocks that researched innovative medications with high efficiency. Codexis is one of the companies with a steady increase in the past five years, and the outlook remains highly optimistic.
Let’s discuss Codexis, why its stock price increased by 12.38%, and its future potential.
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Codexis (NASDAQ: CDXS) is a fine chemical manufacturer whose shares can be bought online. All you need to do is register with a regulated online broker and start making transactions safely and quickly. You can register right now with one of our top recommended brokers:
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What Is Codexis?
Codexis develops enzymes for the food, pharmaceutical, and medical industries. It was founded in 2002 and has won several awards. The company uses innovative technology and machine learning to engineer proteins.
Should I Buy Codexis Today?
In September, the company announced an extension of its agreement with Merck & Co to supply a key proprietary enzyme used for sitagliptin – an ingredient of Merck’s anti-diabetic medications. The agreement was initially signed in 2012 and was to expire in February 2022.
The amendment of this partnership and its extension until 2026 boosted its share price. At the same time, on Friday, several analysts improved their rating or reaffirmed the “buy” rating following this news. For instance, Craig Hallum updated its prediction, which now shows a potential upside of 14.77%.
Codexis Price Prediction 2021
Codexis stock price reached $26.14 at the time of writing, up 12.38% from the previous close. The price is estimated to reach $32 in the next 12 months, and a low of $28.
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