Form 4: Opaleye Management Boosts Stake in Codexis, Acquiring Additional Shares

Opaleye Management Inc., a 10% owner and director of Codexis, Inc., has increased its beneficial ownership through recent stock purchases totaling 250,000 shares.

Summary

• Opaleye Management Inc., identified as both a Director and a 10% Owner of CODEXIS, INC. (CDXS), reported multiple purchases of common stock.
• On June 12, 2025, Opaleye, L.P. acquired 100,000 shares at a price of $2.25 per share.
• On June 13, 2025, Opaleye, L.P. acquired an additional 99,102 shares at $2.23 per share.
• On June 16, 2025, Opaleye, L.P. purchased 50,898 shares at $2.24 per share.
• These transactions collectively represent an acquisition of 250,000 shares by Opaleye, L.P. over three days.
• Following these reported transactions, Opaleye, L.P. beneficially owns 12,250,000 shares of Codexis common stock.
• Additionally, a separately managed account managed by Opaleye Management Inc. beneficially owns 250,000 shares.
• The total beneficial ownership attributed to Opaleye Management Inc. (through Opaleye, L.P. and the Managed Account) is 12,500,000 shares of common stock.
• Opaleye Management Inc. disclaims beneficial ownership of the reported shares except to the extent of its pecuniary interest therein.

Sentiment

Score: 8

Explanation: The sentiment is highly positive due to significant insider buying by a 10% owner and director, indicating strong confidence in the company's value and future.

Positives

• Significant insider buying by a 10% owner and director signals strong confidence in the company's future prospects and valuation.
• The consistent purchases over several days indicate a deliberate strategy to increase exposure to Codexis stock.
• The average purchase price of approximately $2.24 suggests management believes the stock is undervalued at current levels.

Future Outlook

This document, a Form 4, reports past transactions and does not provide forward-looking statements or guidance regarding the company's future performance or strategic direction.

Management Comments

• "Opaleye Management Inc. disclaims beneficial ownership of the shares reported herein except to the extent of its pecuniary interest therein, and the filing of this Form 4 shall not be construed as an admission that Opaleye Management Inc. is the beneficial owner of any such shares for purposes of Section 16(a) of the Securities Exchange Act of 1934, as amended, or for any other purpose."

Industry Context

Insider buying, particularly by a significant shareholder and director, is generally viewed positively by the market as it indicates confidence in the company's valuation and future prospects. This action by Opaleye Management Inc. suggests a belief that Codexis, Inc. is currently undervalued or poised for growth, potentially influencing investor sentiment within the biotechnology or specialty chemicals sector.

Stakeholder Impact

• Shareholders may view this insider buying as a positive signal, potentially increasing investor confidence and demand for the stock.
• The increased stake by a significant investor could influence corporate governance and strategic decisions, aligning interests with long-term value creation.

Key Dates

Recommendation

Keywords

SEC Form 4, Insider Trading, Beneficial Ownership, Stock Purchase, CODEXIS, CDXS, Opaleye Management Inc., Investment Management, Equity Acquisition