ChemoCentryx (NASDAQ:CCXI) Lowered to Neutral at HC Wainwright

HC Wainwright cut shares of ChemoCentryx (NASDAQ:CCXIGet Rating) from a buy rating to a neutral rating in a report published on Friday, The Fly reports. The brokerage currently has $52.00 price target on the biopharmaceutical company’s stock, down from their previous price target of $101.00.

A number of other research firms have also issued reports on CCXI. Canaccord Genuity Group started coverage on ChemoCentryx in a research report on Thursday. They issued a buy rating and a $81.00 price target for the company. StockNews.com lowered ChemoCentryx from a hold rating to a sell rating in a research report on Tuesday. One analyst has rated the stock with a sell rating, four have issued a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of Moderate Buy and an average price target of $65.11.

ChemoCentryx Price Performance

Shares of ChemoCentryx stock opened at $50.52 on Friday. The business has a 50 day simple moving average of $25.29 and a two-hundred day simple moving average of $24.45. ChemoCentryx has a 12 month low of $13.11 and a 12 month high of $50.90. The stock has a market capitalization of $3.60 billion, a P/E ratio of -25.13 and a beta of 1.67. The company has a debt-to-equity ratio of 0.02, a current ratio of 5.11 and a quick ratio of 5.07.

ChemoCentryx (NASDAQ:CCXIGet Rating) last posted its quarterly earnings results on Thursday, May 5th. The biopharmaceutical company reported ($0.55) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.25). The company had revenue of $5.46 million during the quarter, compared to analysts’ expectations of $4.43 million. ChemoCentryx had a negative net margin of 514.64% and a negative return on equity of 47.24%. During the same quarter last year, the company earned ($0.43) earnings per share. As a group, analysts predict that ChemoCentryx will post -1.94 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director James L. Tyree sold 3,863 shares of the company’s stock in a transaction that occurred on Thursday, June 9th. The shares were sold at an average price of $25.66, for a total transaction of $99,124.58. Following the sale, the director now directly owns 19,138 shares in the company, valued at $491,081.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 8.30% of the company’s stock.

Institutional Trading of ChemoCentryx

A number of large investors have recently made changes to their positions in CCXI. Vanguard Group Inc. boosted its holdings in ChemoCentryx by 0.4% in the first quarter. Vanguard Group Inc. now owns 5,119,315 shares of the biopharmaceutical company’s stock valued at $128,342,000 after purchasing an additional 20,335 shares in the last quarter. State Street Corp boosted its holdings in shares of ChemoCentryx by 36.6% in the first quarter. State Street Corp now owns 3,641,663 shares of the biopharmaceutical company’s stock valued at $91,296,000 after acquiring an additional 975,456 shares during the period. Invesco Ltd. boosted its holdings in shares of ChemoCentryx by 32.2% in the first quarter. Invesco Ltd. now owns 1,610,991 shares of the biopharmaceutical company’s stock valued at $40,388,000 after acquiring an additional 392,803 shares during the period. Pictet Asset Management SA acquired a new stake in shares of ChemoCentryx in the fourth quarter valued at approximately $58,453,000. Finally, Millennium Management LLC boosted its holdings in shares of ChemoCentryx by 1,663.6% in the fourth quarter. Millennium Management LLC now owns 1,228,224 shares of the biopharmaceutical company’s stock valued at $44,720,000 after acquiring an additional 1,306,776 shares during the period. 82.28% of the stock is currently owned by hedge funds and other institutional investors.

ChemoCentryx Company Profile

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ChemoCentryx, Inc, a biopharmaceutical company, focuses on the development and commercialization of new medications for inflammatory disorders, autoimmune diseases, and cancer in the United States. It offers TAVNEOS (avacopan), an orally administered selective C5aR inhibitor for the treatment of adult patients with severe active anti-neutrophil cytoplasmic autoantibody-associated vasculitis.

Further Reading

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Analyst Recommendations for ChemoCentryx (NASDAQ:CCXI)

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