JPMorgan Chase & Co. Cuts ChemoCentryx (NASDAQ:CCXI) Price Target to $61.00

ChemoCentryx (NASDAQ:CCXI) had its target price cut by JPMorgan Chase & Co. from $64.00 to $61.00 in a research note released on Wednesday morning, BenzingaRatingsTable reports. They currently have an overweight rating on the biopharmaceutical company’s stock.

Several other research analysts have also recently issued reports on the stock. Wells Fargo & Co began coverage on shares of ChemoCentryx in a report on Wednesday, May 27th. They issued an overweight rating and a $79.00 target price for the company. BidaskClub lowered shares of ChemoCentryx from a strong-buy rating to a buy rating in a report on Saturday, July 25th. SVB Leerink increased their target price on ChemoCentryx from $54.00 to $65.00 and gave the company an outperform rating in a research note on Tuesday, May 12th. Canaccord Genuity restated a buy rating on shares of ChemoCentryx in a research note on Wednesday, June 3rd. Finally, Piper Sandler upped their price target on ChemoCentryx from $54.00 to $70.00 and gave the company an overweight rating in a report on Monday, May 18th. Two investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. ChemoCentryx currently has a consensus rating of Buy and an average target price of $68.70.

CCXI stock opened at $52.71 on Wednesday. The business has a 50 day moving average of $57.54 and a 200 day moving average of $50.31. ChemoCentryx has a twelve month low of $6.16 and a twelve month high of $65.43. The company has a quick ratio of 3.22, a current ratio of 3.22 and a debt-to-equity ratio of 0.40.

ChemoCentryx (NASDAQ:CCXI) last released its earnings results on Monday, May 11th. The biopharmaceutical company reported ($0.35) EPS for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.05). The company had revenue of $6.01 million during the quarter, compared to analysts’ expectations of $8.90 million. ChemoCentryx had a negative return on equity of 100.55% and a negative net margin of 192.93%. As a group, sell-side analysts expect that ChemoCentryx will post -1.39 EPS for the current fiscal year.

In other ChemoCentryx news, Treasurer Markus J. Cappel sold 4,312 shares of the company’s stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $50.01, for a total transaction of $215,643.12. Following the completion of the sale, the treasurer now directly owns 80,559 shares of the company’s stock, valued at $4,028,755.59. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Thomas J. Schall sold 8,851 shares of the stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $55.01, for a total transaction of $486,893.51. Following the completion of the transaction, the chief executive officer now owns 2,277,408 shares in the company, valued at $125,280,214.08. The disclosure for this sale can be found here. Insiders sold 1,376,852 shares of company stock worth $80,474,364 over the last three months. Insiders own 9.30% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Victory Capital Management Inc. grew its stake in shares of ChemoCentryx by 45.9% during the 4th quarter. Victory Capital Management Inc. now owns 9,914 shares of the biopharmaceutical company’s stock valued at $392,000 after acquiring an additional 3,120 shares during the period. Raymond James Financial Services Advisors Inc. purchased a new stake in shares of ChemoCentryx in the fourth quarter worth $275,000. Credit Suisse AG increased its stake in shares of ChemoCentryx by 53.2% in the fourth quarter. Credit Suisse AG now owns 27,043 shares of the biopharmaceutical company’s stock worth $1,069,000 after purchasing an additional 9,393 shares in the last quarter. Goldman Sachs Group Inc. raised its position in shares of ChemoCentryx by 290.1% during the 4th quarter. Goldman Sachs Group Inc. now owns 285,163 shares of the biopharmaceutical company’s stock valued at $11,278,000 after purchasing an additional 212,067 shares during the period. Finally, Bank of New York Mellon Corp lifted its stake in shares of ChemoCentryx by 15.8% during the 4th quarter. Bank of New York Mellon Corp now owns 207,525 shares of the biopharmaceutical company’s stock valued at $8,207,000 after buying an additional 28,389 shares in the last quarter. 70.37% of the stock is currently owned by hedge funds and other institutional investors.

About ChemoCentryx

ChemoCentryx, Inc, a clinical-stage biopharmaceutical company, focuses on the development and commercialization of new medications for inflammatory disorders, autoimmune diseases, and cancer in the United States. Its lead drug candidate is Avacopan, an orally-administered complement inhibitor of the complement C5a receptor (C5aR), which is in Phase III development for the treatment of anti-neutrophil cytoplasmic auto-antibody-associated vasculitis; and Phase IIb clinical trial, the AURORA trial for the treatment of patients with moderate-to-severe hidradenitis suppurativa, as well as patients with complement 3 glomerulopathy.

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