Here's Why Codexis Fell as Much as 20.0% Today
Shares of Codexis (NASDAQ: CDXS) fell as much as 20% today after the company reported fourth-quarter and full-year 2019 operating results. The enzyme engineering company missed its own projections for full-year 2019 revenue, whiffed on Wall Street's full-year 2019 revenue expectations, and issued disappointing full-year 2020 guidance.
Management told investors that the business will ramp up investments in drug development activities, which will lead to a significant increase in operating expenses. Codexis also expects full-year 2020 product revenue and product gross margin to decline compared to last year.
As of 12:36 a.m. EST, the small-cap stock had settled to a 14.6% loss.
Source Fool.com
