Zacks Investment Research Lowers ChemoCentryx (CCXI) to Hold

ChemoCentryx (NASDAQ:CCXI) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Friday, Zacks.com reports.

According to Zacks, “ChemoCentryx, Inc. is a biopharmaceutical company focused on discovering, developing and commercializing orally-administered therapeutics to treat autoimmune diseases, inflammatory disorders and cancer. ChemoCentryx, Inc. is headquartered in Mountain View, California. “

Several other research analysts have also weighed in on the stock. Piper Jaffray Companies started coverage on shares of ChemoCentryx in a research report on Monday, February 11th. They set an “overweight” rating and a $20.00 target price on the stock. B. Riley upgraded shares of ChemoCentryx from a “neutral” rating to a “buy” rating and upped their target price for the stock from $12.50 to $22.00 in a research report on Wednesday, March 27th. ValuEngine lowered shares of ChemoCentryx from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, March 5th. Raymond James set a $22.00 target price on shares of ChemoCentryx and gave the stock a “buy” rating in a research report on Tuesday, April 23rd. Finally, Svb Leerink restated an “outperform” rating on shares of ChemoCentryx in a research report on Thursday, February 14th. Two investment analysts have rated the stock with a hold rating, six have issued a buy rating and two have issued a strong buy rating to the company. ChemoCentryx has an average rating of “Buy” and an average price target of $19.29.



CCXI traded down $0.09 on Friday, hitting $12.43. 226,159 shares of the company were exchanged, compared to its average volume of 455,375. The company has a current ratio of 3.43, a quick ratio of 3.43 and a debt-to-equity ratio of 0.24. ChemoCentryx has a fifty-two week low of $9.07 and a fifty-two week high of $14.98. The firm has a market capitalization of $716.89 million, a P/E ratio of -16.36 and a beta of 1.25.

ChemoCentryx (NASDAQ:CCXI) last issued its earnings results on Monday, May 6th. The biopharmaceutical company reported ($0.23) earnings per share for the quarter, topping the consensus estimate of ($0.24) by $0.01. ChemoCentryx had a negative net margin of 97.22% and a negative return on equity of 111.15%. The company had revenue of $8.33 million for the quarter, compared to analyst estimates of $11.37 million. Analysts predict that ChemoCentryx will post -1.03 EPS for the current year.

In related news, insider Thomas J. Schall sold 160,000 shares of the company’s stock in a transaction that occurred on Tuesday, April 2nd. The shares were sold at an average price of $13.72, for a total transaction of $2,195,200.00. Following the transaction, the insider now owns 2,234,610 shares of the company’s stock, valued at $30,658,849.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Susan M. Kanaya sold 35,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 27th. The shares were sold at an average price of $13.05, for a total transaction of $456,750.00. Following the transaction, the chief financial officer now directly owns 110,890 shares in the company, valued at approximately $1,447,114.50. The disclosure for this sale can be found here. Insiders sold 233,755 shares of company stock worth $3,160,200 over the last quarter. Company insiders own 12.20% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in CCXI. Kore Private Wealth LLC purchased a new position in ChemoCentryx during the first quarter worth approximately $28,000. BNP Paribas Arbitrage SA raised its stake in ChemoCentryx by 46,860.0% during the first quarter. BNP Paribas Arbitrage SA now owns 4,696 shares of the biopharmaceutical company’s stock worth $65,000 after purchasing an additional 4,686 shares during the period. Meeder Asset Management Inc. raised its stake in ChemoCentryx by 103.5% during the first quarter. Meeder Asset Management Inc. now owns 6,176 shares of the biopharmaceutical company’s stock worth $86,000 after purchasing an additional 3,141 shares during the period. Citigroup Inc. raised its stake in ChemoCentryx by 67.7% during the first quarter. Citigroup Inc. now owns 6,829 shares of the biopharmaceutical company’s stock worth $95,000 after purchasing an additional 2,756 shares during the period. Finally, Metropolitan Life Insurance Co. NY raised its stake in ChemoCentryx by 369.8% during the fourth quarter. Metropolitan Life Insurance Co. NY now owns 8,804 shares of the biopharmaceutical company’s stock worth $96,000 after purchasing an additional 6,930 shares during the period. 46.87% of the stock is currently owned by institutional investors and hedge funds.

About ChemoCentryx

ChemoCentryx, Inc, a clinical-stage biopharmaceutical company, develops new medications for inflammatory and autoimmune diseases, and cancer in the United States. The company targets the chemokine and chemoattractant systems to discover, develop, and commercialize orally-administered therapies. Its lead drug candidate is Avacopan, an orally-administered complement inhibitor of the complement C5a receptor (C5aR), is in Phase III development for the treatment of anti-neutrophil cytoplasmic auto-antibody-associated vasculitis.

Recommended Story: Intrinsic Value

Get a free copy of the Zacks research report on ChemoCentryx (CCXI)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for ChemoCentryx (NASDAQ:CCXI)

Receive News & Ratings for ChemoCentryx Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for ChemoCentryx and related companies with MarketBeat.com's FREE daily email newsletter.