BidaskClub Downgrades ChemoCentryx (CCXI) to Hold

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ChemoCentryx (NASDAQ:CCXI) was downgraded by investment analysts at BidaskClub from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Thursday.

Several other brokerages have also recently issued reports on CCXI. Zacks Investment Research raised ChemoCentryx from a “hold” rating to a “strong-buy” rating and set a $16.00 target price on the stock in a research report on Tuesday, July 10th. Raymond James assumed coverage on ChemoCentryx in a research report on Thursday, June 28th. They set a “strong-buy” rating and a $18.00 target price on the stock. JPMorgan Chase & Co. cut ChemoCentryx from an “overweight” rating to a “neutral” rating and lifted their target price for the company from $14.00 to $15.00 in a research report on Tuesday, August 14th. B. Riley assumed coverage on ChemoCentryx in a research report on Friday, September 7th. They set a “neutral” rating and a $12.50 target price on the stock. Finally, Canaccord Genuity reaffirmed a “buy” rating and set a $18.00 target price on shares of ChemoCentryx in a research report on Friday, August 10th. Six equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. ChemoCentryx currently has a consensus rating of “Hold” and a consensus target price of $16.58.

Shares of NASDAQ:CCXI opened at $10.24 on Thursday. The company has a market cap of $635.92 million, a P/E ratio of 28.44 and a beta of 1.55. The company has a debt-to-equity ratio of 0.51, a quick ratio of 2.69 and a current ratio of 2.69. ChemoCentryx has a 12-month low of $5.42 and a 12-month high of $15.08.

ChemoCentryx (NASDAQ:CCXI) last announced its earnings results on Thursday, August 9th. The biopharmaceutical company reported ($0.14) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.15) by $0.01. The company had revenue of $15.02 million for the quarter, compared to analysts’ expectations of $16.88 million. ChemoCentryx had a return on equity of 39.31% and a net margin of 18.69%. As a group, research analysts predict that ChemoCentryx will post -0.86 earnings per share for the current fiscal year.

A number of hedge funds have recently bought and sold shares of CCXI. Schwab Charles Investment Management Inc. boosted its position in ChemoCentryx by 22.4% in the first quarter. Schwab Charles Investment Management Inc. now owns 43,100 shares of the biopharmaceutical company’s stock worth $587,000 after purchasing an additional 7,900 shares during the last quarter. JPMorgan Chase & Co. boosted its position in ChemoCentryx by 278.8% in the first quarter. JPMorgan Chase & Co. now owns 67,861 shares of the biopharmaceutical company’s stock worth $923,000 after purchasing an additional 49,944 shares during the last quarter. PNC Financial Services Group Inc. purchased a new position in ChemoCentryx in the first quarter worth $2,990,000. Russell Investments Group Ltd. boosted its position in ChemoCentryx by 57.5% in the first quarter. Russell Investments Group Ltd. now owns 65,071 shares of the biopharmaceutical company’s stock worth $885,000 after purchasing an additional 23,745 shares during the last quarter. Finally, MetLife Investment Advisors LLC purchased a new position in ChemoCentryx in the first quarter worth $169,000. 54.43% of the stock is currently owned by institutional investors and hedge funds.

ChemoCentryx Company Profile

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 (AAV).

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Analyst Recommendations for ChemoCentryx (NASDAQ:CCXI)

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