ChemoCentryx (NASDAQ:CCXI) Upgraded to “Overweight” at JPMorgan Chase & Co.

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JPMorgan Chase & Co. upgraded shares of ChemoCentryx (NASDAQ:CCXI) from a neutral rating to an overweight rating in a research report sent to investors on Thursday, BenzingaRatingsTable reports. They currently have $14.00 price objective on the biopharmaceutical company’s stock, down from their prior price objective of $16.00.

A number of other brokerages have also weighed in on CCXI. Raymond James decreased their target price on ChemoCentryx from $24.00 to $17.00 and set a strong-buy rating for the company in a research report on Thursday, June 6th. ValuEngine raised ChemoCentryx from a hold rating to a buy rating in a research report on Thursday, August 1st. Zacks Investment Research lowered ChemoCentryx from a buy rating to a hold rating in a research report on Friday, May 17th. BidaskClub raised ChemoCentryx from a sell rating to a hold rating in a research report on Wednesday, August 21st. Finally, Canaccord Genuity cut their price target on ChemoCentryx from $20.00 to $14.00 and set a buy rating on the stock in a report on Thursday, June 6th. Two analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of Buy and an average price target of $17.57.

Shares of NASDAQ CCXI opened at $7.58 on Thursday. The company has a quick ratio of 3.57, a current ratio of 3.57 and a debt-to-equity ratio of 0.28. The business has a fifty day simple moving average of $7.10 and a two-hundred day simple moving average of $9.99. The firm has a market cap of $443.49 million, a PE ratio of -9.97 and a beta of 1.19. ChemoCentryx has a twelve month low of $6.16 and a twelve month high of $14.98.

ChemoCentryx (NASDAQ:CCXI) last issued its earnings results on Monday, August 5th. The biopharmaceutical company reported ($0.26) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.21) by ($0.05). The firm had revenue of $7.17 million for the quarter, compared to the consensus estimate of $10.08 million. ChemoCentryx had a negative net margin of 144.27% and a negative return on equity of 103.61%. On average, research analysts expect that ChemoCentryx will post -1.02 earnings per share for the current year.

Several large investors have recently made changes to their positions in CCXI. FMR LLC increased its holdings in shares of ChemoCentryx by 796.2% in the 1st quarter. FMR LLC now owns 5,774,432 shares of the biopharmaceutical company’s stock valued at $80,207,000 after acquiring an additional 5,130,127 shares during the period. BlackRock Inc. increased its holdings in shares of ChemoCentryx by 45.4% in the 2nd quarter. BlackRock Inc. now owns 3,852,875 shares of the biopharmaceutical company’s stock valued at $35,832,000 after acquiring an additional 1,202,155 shares during the period. Wasatch Advisors Inc. increased its holdings in shares of ChemoCentryx by 21.9% in the 2nd quarter. Wasatch Advisors Inc. now owns 3,004,865 shares of the biopharmaceutical company’s stock valued at $27,945,000 after acquiring an additional 540,201 shares during the period. Farallon Capital Management LLC increased its holdings in shares of ChemoCentryx by 33.3% in the 2nd quarter. Farallon Capital Management LLC now owns 2,000,000 shares of the biopharmaceutical company’s stock valued at $18,600,000 after acquiring an additional 500,000 shares during the period. Finally, Vanguard Group Inc. increased its holdings in shares of ChemoCentryx by 37.9% in the 2nd quarter. Vanguard Group Inc. now owns 1,774,489 shares of the biopharmaceutical company’s stock valued at $16,502,000 after acquiring an additional 488,063 shares during the period. Institutional investors and hedge funds own 64.27% of the company’s stock.

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.

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Analyst Recommendations for ChemoCentryx (NASDAQ:CCXI)

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