Benzinga | Jun 18, 2021 07:13AM EDT

Codexis Raises 2021 Revenue Outlook After New Order For Its Enzyme Product

* Codexis Inc (NASDAQ:CDXS) raised its guidance for 2021 following the receipt of a binding purchase order for up to $13.9 million of a proprietary high-performance enzyme product from an undisclosed pharmaceutical company.

* Now, the Company expects 2021 total revenues in the range of $89 million to $93 million, up from previous guidance of $82 million to $85 million, higher than the $83.7 million consensus.

* It expects product revenue in the band of $45 million to $48 million, compared to the earlier outlook of $36 million to $39 million.

* In addition, the Company also raised 2021 guidance for product gross margin to 60-64%, up from 54-58% guided earlier.

* HC Wainwright analyst Swayampakula Ramakanth maintained Codexis with a Buy and raised the price target from $26 to $27 (almost 40% upside).

* Price Action: CDXS shares closed at $19.64 on Thursday.