Intrinsic value of Codexis - CDXS

Previous Close

$15.71

  Intrinsic Value

$0.10

stock screener

  Rating & Target

str. sell

-99%

Previous close

$15.71

 
Intrinsic value

$0.10

 
Up/down potential

-99%

 
Rating

str. sell

We calculate the intrinsic value of CDXS stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.8

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  30.80
  28.22
  25.90
  23.81
  21.93
  20.23
  18.71
  17.34
  16.11
  15.00
  14.00
  13.10
  12.29
  11.56
  10.90
  10.31
  9.78
  9.30
  8.87
  8.49
  8.14
  7.82
  7.54
  7.29
  7.06
  6.85
  6.67
  6.50
  6.35
  6.22
Revenue, $m
  65
  84
  106
  131
  159
  192
  228
  267
  310
  357
  406
  460
  516
  576
  639
  704
  773
  845
  920
  998
  1,080
  1,164
  1,252
  1,343
  1,438
  1,536
  1,639
  1,745
  1,856
  1,972
Variable operating expenses, $m
  77
  99
  124
  154
  187
  225
  267
  314
  364
  419
  477
  539
  606
  676
  749
  827
  908
  992
  1,080
  1,172
  1,267
  1,366
  1,469
  1,576
  1,687
  1,803
  1,923
  2,048
  2,178
  2,314
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  77
  99
  124
  154
  187
  225
  267
  314
  364
  419
  477
  539
  606
  676
  749
  827
  908
  992
  1,080
  1,172
  1,267
  1,366
  1,469
  1,576
  1,687
  1,803
  1,923
  2,048
  2,178
  2,314
Operating income, $m
  -12
  -15
  -19
  -23
  -28
  -34
  -40
  -47
  -54
  -62
  -71
  -80
  -90
  -100
  -111
  -122
  -134
  -147
  -160
  -173
  -187
  -202
  -217
  -233
  -249
  -267
  -284
  -303
  -322
  -342
EBITDA, $m
  -10
  -13
  -17
  -21
  -25
  -30
  -36
  -42
  -49
  -57
  -64
  -73
  -82
  -91
  -101
  -112
  -123
  -134
  -146
  -158
  -171
  -185
  -199
  -213
  -228
  -244
  -260
  -277
  -294
  -313
Interest expense (income), $m
  0
  0
  1
  1
  2
  3
  3
  4
  6
  7
  8
  10
  11
  13
  15
  17
  18
  21
  23
  25
  27
  30
  32
  35
  38
  41
  44
  47
  50
  53
  57
Earnings before tax, $m
  -12
  -15
  -20
  -25
  -31
  -37
  -44
  -52
  -61
  -70
  -80
  -91
  -102
  -115
  -127
  -141
  -155
  -169
  -185
  -201
  -217
  -234
  -252
  -271
  -290
  -310
  -331
  -353
  -375
  -399
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -12
  -15
  -20
  -25
  -31
  -37
  -44
  -52
  -61
  -70
  -80
  -91
  -102
  -115
  -127
  -141
  -155
  -169
  -185
  -201
  -217
  -234
  -252
  -271
  -290
  -310
  -331
  -353
  -375
  -399

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  60
  77
  97
  120
  146
  176
  208
  245
  284
  327
  372
  421
  473
  527
  585
  645
  708
  774
  843
  914
  989
  1,066
  1,146
  1,230
  1,317
  1,407
  1,501
  1,598
  1,700
  1,805
Adjusted assets (=assets-cash), $m
  60
  77
  97
  120
  146
  176
  208
  245
  284
  327
  372
  421
  473
  527
  585
  645
  708
  774
  843
  914
  989
  1,066
  1,146
  1,230
  1,317
  1,407
  1,501
  1,598
  1,700
  1,805
Revenue / Adjusted assets
  1.083
  1.091
  1.093
  1.092
  1.089
  1.091
  1.096
  1.090
  1.092
  1.092
  1.091
  1.093
  1.091
  1.093
  1.092
  1.091
  1.092
  1.092
  1.091
  1.092
  1.092
  1.092
  1.092
  1.092
  1.092
  1.092
  1.092
  1.092
  1.092
  1.093
Average production assets, $m
  5
  7
  9
  11
  13
  16
  19
  22
  25
  29
  33
  38
  42
  47
  52
  58
  63
  69
  75
  82
  89
  95
  103
  110
  118
  126
  134
  143
  152
  162
Working capital, $m
  -17
  -21
  -27
  -33
  -40
  -49
  -58
  -68
  -79
  -91
  -103
  -117
  -131
  -146
  -162
  -179
  -196
  -215
  -234
  -254
  -274
  -296
  -318
  -341
  -365
  -390
  -416
  -443
  -471
  -501
Total debt, $m
  9
  20
  33
  47
  64
  83
  104
  127
  152
  179
  208
  239
  271
  306
  343
  381
  421
  463
  506
  552
  599
  648
  699
  752
  807
  865
  924
  986
  1,051
  1,118
Total liabilities, $m
  38
  49
  61
  76
  93
  111
  132
  155
  180
  207
  236
  267
  300
  335
  371
  410
  450
  492
  535
  581
  628
  677
  728
  781
  836
  893
  953
  1,015
  1,079
  1,146
Total equity, $m
  22
  28
  35
  44
  53
  64
  76
  89
  104
  119
  136
  154
  173
  192
  213
  235
  258
  283
  308
  334
  361
  389
  418
  449
  481
  514
  548
  583
  620
  659
Total liabilities and equity, $m
  60
  77
  96
  120
  146
  175
  208
  244
  284
  326
  372
  421
  473
  527
  584
  645
  708
  775
  843
  915
  989
  1,066
  1,146
  1,230
  1,317
  1,407
  1,501
  1,598
  1,699
  1,805
Debt-to-equity ratio
  0.420
  0.710
  0.920
  1.080
  1.200
  1.290
  1.360
  1.420
  1.460
  1.500
  1.530
  1.550
  1.570
  1.590
  1.600
  1.620
  1.630
  1.640
  1.650
  1.650
  1.660
  1.670
  1.670
  1.680
  1.680
  1.680
  1.690
  1.690
  1.690
  1.700
Adjusted equity ratio
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -12
  -15
  -20
  -25
  -31
  -37
  -44
  -52
  -61
  -70
  -80
  -91
  -102
  -115
  -127
  -141
  -155
  -169
  -185
  -201
  -217
  -234
  -252
  -271
  -290
  -310
  -331
  -353
  -375
  -399
Depreciation, amort., depletion, $m
  1
  2
  2
  2
  3
  3
  4
  4
  5
  6
  6
  7
  8
  9
  10
  11
  12
  13
  14
  15
  16
  17
  19
  20
  21
  23
  24
  26
  28
  29
Funds from operations, $m
  -10
  -14
  -18
  -23
  -28
  -34
  -41
  -48
  -56
  -65
  -74
  -84
  -95
  -106
  -118
  -130
  -143
  -157
  -171
  -186
  -201
  -217
  -234
  -251
  -269
  -287
  -307
  -327
  -348
  -369
Change in working capital, $m
  -4
  -5
  -6
  -6
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
Cash from operations, $m
  -6
  -9
  -12
  -16
  -21
  -26
  -31
  -38
  -45
  -53
  -61
  -71
  -80
  -91
  -102
  -114
  -126
  -139
  -152
  -166
  -180
  -196
  -211
  -228
  -245
  -262
  -281
  -300
  -320
  -340
Maintenance CAPEX, $m
  -1
  -1
  -1
  -2
  -2
  -2
  -3
  -3
  -4
  -5
  -5
  -6
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -19
  -20
  -21
  -23
  -24
  -26
  -28
New CAPEX, $m
  -1
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
Cash from investing activities, $m
  -2
  -3
  -3
  -4
  -4
  -5
  -6
  -6
  -8
  -9
  -9
  -10
  -12
  -13
  -14
  -15
  -17
  -18
  -19
  -20
  -22
  -23
  -24
  -26
  -28
  -29
  -31
  -33
  -35
  -37
Free cash flow, $m
  -8
  -12
  -15
  -20
  -25
  -31
  -37
  -45
  -53
  -61
  -71
  -81
  -92
  -103
  -116
  -128
  -142
  -156
  -171
  -186
  -202
  -219
  -236
  -254
  -272
  -292
  -312
  -333
  -355
  -377
Issuance/(repayment) of debt, $m
  9
  11
  13
  15
  17
  19
  21
  23
  25
  27
  29
  31
  33
  35
  37
  38
  40
  42
  44
  45
  47
  49
  51
  53
  55
  57
  60
  62
  64
  67
Issuance/(repurchase) of shares, $m
  17
  22
  27
  33
  40
  48
  56
  65
  75
  86
  97
  109
  121
  135
  148
  163
  178
  193
  210
  227
  244
  263
  282
  301
  322
  343
  365
  388
  412
  437
Cash from financing (excl. dividends), $m  
  26
  33
  40
  48
  57
  67
  77
  88
  100
  113
  126
  140
  154
  170
  185
  201
  218
  235
  254
  272
  291
  312
  333
  354
  377
  400
  425
  450
  476
  504
Total cash flow (excl. dividends), $m
  17
  21
  24
  28
  32
  36
  40
  44
  48
  52
  55
  59
  62
  66
  69
  73
  76
  79
  83
  86
  90
  93
  97
  101
  105
  109
  113
  117
  122
  127
Retained Cash Flow (-), $m
  -17
  -22
  -27
  -33
  -40
  -48
  -56
  -65
  -75
  -86
  -97
  -109
  -121
  -135
  -148
  -163
  -178
  -193
  -210
  -227
  -244
  -263
  -282
  -301
  -322
  -343
  -365
  -388
  -412
  -437
Prev. year cash balance distribution, $m
  8
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  8
  -1
  -3
  -5
  -8
  -12
  -16
  -22
  -28
  -34
  -42
  -50
  -59
  -69
  -79
  -90
  -102
  -114
  -127
  -141
  -155
  -169
  -185
  -201
  -217
  -234
  -252
  -271
  -290
  -310
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  8
  -1
  -2
  -4
  -6
  -9
  -11
  -14
  -16
  -18
  -20
  -21
  -22
  -23
  -23
  -23
  -22
  -21
  -20
  -18
  -16
  -14
  -12
  -10
  -8
  -7
  -5
  -4
  -3
  -2
Current shareholders' claim on cash, %
  90.9
  82.7
  75.4
  69.0
  63.2
  58.0
  53.3
  49.1
  45.2
  41.8
  38.6
  35.8
  33.2
  30.8
  28.6
  26.5
  24.7
  23.0
  21.4
  19.9
  18.5
  17.3
  16.1
  15.0
  14.0
  13.1
  12.2
  11.4
  10.7
  10.0

Codexis, Inc. is a developer of biocatalysts for the pharmaceutical and fine chemicals markets. The Company's CodeEvolver protein engineering technology platform, which introduces genetic mutations into genes in order to give rise to changes in the enzymes that they produce, overcomes many of the limitations, allowing customers to evolve and optimize biocatalysts to perform specific and desired chemical reactions at commercial scale. The Company's pharmaceutical products include enzymes, pharmaceutical intermediates, active pharmaceutical ingredients (APIs) and Codex Biocatalyst Panels and Kits. The fine chemicals market consists of several market verticals, including food and food ingredients, animal feed, flavors and fragrances, and agricultural chemicals. The Company also uses its technology to develop an early stage, enzyme therapeutic product candidate for the treatment of phenylketonuria (PKU) in humans through oral administration.

FINANCIAL RATIOS  of  Codexis (CDXS)

Valuation Ratios
P/E Ratio -72
Price to Sales 13.2
Price to Book 34.1
Price to Tangible Book
Price to Cash Flow -216.1
Price to Free Cash Flow -162
Growth Rates
Sales Growth Rate 16.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate 0%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets -22.2%
Ret/ On Assets - 3 Yr. Avg. -25%
Return On Total Capital -42.9%
Ret/ On T. Cap. - 3 Yr. Avg. -44.1%
Return On Equity -42.9%
Return On Equity - 3 Yr. Avg. -44.1%
Asset Turnover 1.2
Profitability Ratios
Gross Margin 79.6%
Gross Margin - 3 Yr. Avg. 79.1%
EBITDA Margin -8.2%
EBITDA Margin - 3 Yr. Avg. -17.5%
Operating Margin -16.3%
Oper. Margin - 3 Yr. Avg. -29.9%
Pre-Tax Margin -18.4%
Pre-Tax Margin - 3 Yr. Avg. -30.6%
Net Profit Margin -18.4%
Net Profit Margin - 3 Yr. Avg. -30.6%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

CDXS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CDXS stock intrinsic value calculation we used $50.024 million for the last fiscal year's total revenue generated by Codexis. The default revenue input number comes from 0001 income statement of Codexis. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our CDXS stock valuation model: a) initial revenue growth rate of 30.8% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for CDXS is calculated based on our internal credit rating of Codexis, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Codexis.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of CDXS stock the variable cost ratio is equal to 118%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for CDXS stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Codexis.

Corporate tax rate of 27% is the nominal tax rate for Codexis. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the CDXS stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for CDXS are equal to 8.2%.

Life of production assets of 5.5 years is the average useful life of capital assets used in Codexis operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for CDXS is equal to -25.4%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $24.547 million for Codexis - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 53.512 million for Codexis is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Codexis at the current share price and the inputted number of shares is $0.8 billion.

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COMPANY NEWS

▶ Should You Worry About Codexis Incs (NASDAQ:CDXS) CEO Pay?   [Nov-13-18 12:11PM  Simply Wall St.]
▶ Codexis: 3Q Earnings Snapshot   [06:16PM  Associated Press]
▶ Better Synthetic Biology Stock: Amyris vs. Codexis   [Oct-06-18 08:35AM  Motley Fool]
▶ Codexis Inc (NASDAQ:CDXS): Did It Outperform The Industry?   [Sep-05-18 02:33PM  Simply Wall St.]
▶ Here's Why Codexis Gained 19.4% in August   [Sep-04-18 03:31PM  Motley Fool]
▶ 4 Under-the-Radar Small Cap Stars   [Aug-17-18 12:50PM  Investopedia]
▶ Codexis: 2Q Earnings Snapshot   [07:48PM  Associated Press]
▶ Codexis, Inc. to Host Earnings Call   [02:30PM  ACCESSWIRE]
▶ Codexis Doses First Subjects in Phase 1a Trial of CDX-6114   [Jul-09-18 08:00AM  GlobeNewswire]
▶ 3 Growth Stocks I'd Buy Right Now   [Jun-21-18 08:19AM  Motley Fool]
▶ 3 Stocks That Could Put Tesla's Returns to Shame   [Jun-16-18 08:46AM  Motley Fool]
▶ Codexis to Present at Three Upcoming Investment Conferences   [May-29-18 07:00AM  GlobeNewswire]
▶ 3 High-Growth Stocks That Are Just Getting Started   [May-11-18 08:11PM  Motley Fool]
▶ Codexis: 1Q Earnings Snapshot   [May-10-18 06:40PM  Associated Press]
▶ Why Codexis, Inc. Stock Is Tumbling Today   [Apr-06-18 11:08AM  Motley Fool]
▶ 3 Stocks That Feel Like Microsoft in 1986   [Mar-25-18 06:35AM  Motley Fool]
▶ Here's Why Codexis Dropped as Much as 14.6% Today   [Mar-09-18 03:16PM  Motley Fool]
▶ Codexis misses Street 4Q forecasts   [Mar-08-18 06:07PM  Associated Press]
▶ Codexis, Inc. to Host Earnings Call   [12:45PM  ACCESSWIRE]
▶ Codexis Q4 Earnings Preview   [09:32AM  Benzinga]
▶ Codexis Inc (NASDAQ:CDXS): Is Breakeven Near?   [09:23AM  Simply Wall St.]
▶ 3 Top Small-Cap Stocks to Buy in February   [Feb-23-18 07:56AM  Motley Fool]
▶ 3 Stocks Wall Street Hasn't Heard of Yet   [Jan-22-18 04:08PM  Motley Fool]
▶ ETFs with exposure to Codexis, Inc. : December 29, 2017   [Dec-29-17 11:42AM  Capital Cube]
▶ 3 Stocks You Can Buy and Hold for the Next Decade   [Dec-24-17 08:37AM  Motley Fool]
▶ 3 Top Small-Cap Stocks to Buy in December   [Dec-16-17 08:36AM  Motley Fool]
▶ 3 Bioeconomy Stocks That Have a Killer Advantage   [Nov-29-17 09:16AM  Motley Fool]
▶ ETFs with exposure to Codexis, Inc. : November 28, 2017   [Nov-28-17 12:00PM  Capital Cube]
▶ 3 Stocks That Could Put Amazon's Returns to Shame   [Nov-26-17 09:03AM  Motley Fool]
▶ Codexis reports 3Q loss   [Nov-09-17 06:29PM  Associated Press]
▶ Codexis, Inc. to Host Earnings Call   [12:05PM  ACCESSWIRE]
▶ ETFs with exposure to Codexis, Inc. : November 2, 2017   [Nov-02-17 11:59AM  Capital Cube]
▶ 1 Small-Cap Biotech Stock to Buy Right Now   [Oct-25-17 07:48AM  Motley Fool]
▶ ETFs with exposure to Codexis, Inc. : October 23, 2017   [Oct-23-17 10:27AM  Capital Cube]
▶ ETFs with exposure to Codexis, Inc. : October 12, 2017   [Oct-12-17 10:21AM  Capital Cube]
▶ 3 Hot Stocks Under $10   [Oct-09-17 12:32PM  Investopedia]
▶ 3 Top Small-Cap Stocks to Buy in October   [Oct-04-17 07:45AM  Motley Fool]
▶ 3 Stocks Set to Pop   [Aug-16-17 02:07PM  Motley Fool]
▶ Codexis reports 2Q loss   [Aug-09-17 10:14PM  Associated Press]
▶ ETFs with exposure to Codexis, Inc. : July 11, 2017   [Jul-11-17 02:16PM  Capital Cube]
▶ ETFs with exposure to Codexis, Inc. : June 26, 2017   [Jun-26-17 03:35PM  Capital Cube]
▶ ETFs with exposure to Codexis, Inc. : June 16, 2017   [Jun-16-17 03:32PM  Capital Cube]
▶ Codexis to Present at Two Upcoming Investment Conferences   [May-30-17 07:00AM  GlobeNewswire]

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