ChemoCentryx (NASDAQ:CCXI) Downgraded to Hold at Zacks Investment Research

Zacks Investment Research lowered shares of ChemoCentryx (NASDAQ:CCXI) from a buy rating to a hold rating in a research note published on Friday morning, 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. “

CCXI has been the subject of a number of other research reports. Piper Sandler raised their price objective on shares of ChemoCentryx from $54.00 to $70.00 and gave the stock an overweight rating in a research note on Monday, May 18th. JPMorgan Chase & Co. decreased their price objective on shares of ChemoCentryx from $64.00 to $61.00 and set an overweight rating for the company in a research note on Wednesday. Raymond James lifted their target price on shares of ChemoCentryx from $38.00 to $102.00 and gave the company a strong-buy rating in a research note on Tuesday, May 12th. ValuEngine lowered shares of ChemoCentryx from a buy rating to a hold rating in a research note on Thursday, July 2nd. Finally, BidaskClub lowered shares of ChemoCentryx from a strong-buy rating to a buy rating in a research note on Saturday, July 25th. Two investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of Buy and a consensus price target of $68.70.

ChemoCentryx stock traded down $2.10 during mid-day trading on Friday, hitting $52.71. The company’s stock had a trading volume of 496,033 shares, compared to its average volume of 572,168. The company has a quick ratio of 3.22, a current ratio of 3.22 and a debt-to-equity ratio of 0.40. The stock has a market capitalization of $3.26 billion, a P/E ratio of -48.36 and a beta of 2.04. ChemoCentryx has a twelve month low of $6.16 and a twelve month high of $65.43. The stock’s fifty day moving average price is $57.54 and its two-hundred day moving average price is $50.31.

ChemoCentryx (NASDAQ:CCXI) last posted its quarterly earnings results on Monday, May 11th. The biopharmaceutical company reported ($0.35) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.30) by ($0.05). The business had revenue of $6.01 million during the quarter, compared to analyst estimates of $8.90 million. ChemoCentryx had a negative return on equity of 100.55% and a negative net margin of 192.93%. Equities analysts expect that ChemoCentryx will post -1.39 earnings per share for the current year.

In other news, Treasurer Markus J. Cappel sold 4,312 shares of the business’s stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $50.01, for a total transaction of $215,643.12. Following the transaction, the treasurer now owns 80,559 shares in the company, valued at approximately $4,028,755.59. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, major shareholder (International) Ltd Vifor sold 88,012 shares of the business’s stock in a transaction dated Wednesday, July 29th. The stock was sold at an average price of $52.58, for a total transaction of $4,627,670.96. The disclosure for this sale can be found here. Insiders sold a total of 1,376,852 shares of company stock worth $80,474,364 in the last quarter. Insiders own 9.30% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. boosted its position in ChemoCentryx by 2.5% in the first quarter. JPMorgan Chase & Co. now owns 13,435 shares of the biopharmaceutical company’s stock valued at $540,000 after buying an additional 330 shares in the last quarter. Principal Financial Group Inc. raised its stake in shares of ChemoCentryx by 3.4% during the first quarter. Principal Financial Group Inc. now owns 14,223 shares of the biopharmaceutical company’s stock worth $571,000 after buying an additional 468 shares during the last quarter. Los Angeles Capital Management & Equity Research Inc. raised its stake in shares of ChemoCentryx by 3.1% during the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 15,685 shares of the biopharmaceutical company’s stock worth $630,000 after buying an additional 470 shares during the last quarter. Sowell Financial Services LLC bought a new stake in shares of ChemoCentryx during the first quarter worth approximately $28,000. Finally, Swiss National Bank raised its stake in shares of ChemoCentryx by 1.5% during the first quarter. Swiss National Bank now owns 73,500 shares of the biopharmaceutical company’s stock worth $2,953,000 after buying an additional 1,100 shares during the last quarter. Hedge funds and other institutional investors own 70.37% of the company’s stock.

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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