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MarketWatch
Codexis stock drops as forecast comes in below Street estimate
Codexis Inc. (CDXS) shares fell in the extended session Thursday after the biotech company lowered its revenue forecast for the year and said that sales from Pfizer Inc. (PFE) would come in at the low end of an expected range. Codexis shares dropped more than 20% after hours, following a 4.7% decline in the regular session to close at $12.07. The company said it now expects full-year revenue of $135 million to $141 million, compared with a previous forecast of $152 million to $158 million, with second-quarter revenue around $38 million, as R&D partnerships are expected to bring in less money than initially thought.
