Zacks Investment Research Downgrades ChemoCentryx (CCXI) to Hold

ChemoCentryx (NASDAQ:CCXI) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Friday.

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. “

Other research analysts have also issued research reports about the stock. BidaskClub upgraded shares of ChemoCentryx from a “hold” rating to a “buy” rating in a research report on Wednesday, November 28th. ValuEngine lowered shares of ChemoCentryx from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, March 5th. B. Riley started coverage on shares of ChemoCentryx in a research report on Tuesday, January 8th. They set a “neutral” rating and a $12.50 price target on the stock. Svb Leerink reiterated an “outperform” rating on shares of ChemoCentryx in a research report on Thursday, February 14th. Finally, Piper Jaffray Companies started coverage on shares of ChemoCentryx in a research report on Monday, February 11th. They set an “overweight” rating and a $20.00 price target on the stock. Four equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and two have issued a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $16.79.

Shares of NASDAQ:CCXI opened at $10.19 on Friday. ChemoCentryx has a 12-month low of $9.07 and a 12-month high of $15.08. The company has a market cap of $516.38 million, a price-to-earnings ratio of -13.41 and a beta of 1.28. The company has a current ratio of 2.82, a quick ratio of 2.87 and a debt-to-equity ratio of 1.34.

ChemoCentryx (NASDAQ:CCXI) last announced its earnings results on Monday, March 11th. The biopharmaceutical company reported ($0.21) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.27) by $0.06. ChemoCentryx had a negative net margin of 88.55% and a negative return on equity of 167.57%. The firm had revenue of $9.33 million for the quarter, compared to analyst estimates of $9.54 million. Equities analysts expect that ChemoCentryx will post -1.15 earnings per share for the current fiscal year.

In other ChemoCentryx news, CEO Thomas J. Schall sold 7,275 shares of the firm’s stock in a transaction that occurred on Monday, January 7th. The shares were sold at an average price of $12.04, for a total value of $87,591.00. Following the sale, the chief executive officer now owns 2,236,130 shares in the company, valued at $26,923,005.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Treasurer Markus J. Cappel sold 5,069 shares of the firm’s stock in a transaction that occurred on Monday, January 7th. The shares were sold at an average price of $12.07, for a total transaction of $61,182.83. Following the completion of the sale, the treasurer now owns 40,510 shares in the company, valued at approximately $488,955.70. The disclosure for this sale can be found here. Insiders have sold a total of 78,541 shares of company stock worth $946,573 in the last quarter. 14.50% of the stock is currently owned by company insiders.

A number of institutional investors have recently modified their holdings of CCXI. Metropolitan Life Insurance Co. NY boosted its position in ChemoCentryx by 369.8% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 8,804 shares of the biopharmaceutical company’s stock valued at $96,000 after buying an additional 6,930 shares in the last quarter. Raymond James & Associates acquired a new stake in ChemoCentryx in the fourth quarter valued at approximately $133,000. SG Americas Securities LLC acquired a new stake in ChemoCentryx in the fourth quarter valued at approximately $196,000. MetLife Investment Advisors LLC boosted its position in ChemoCentryx by 55.2% in the third quarter. MetLife Investment Advisors LLC now owns 19,233 shares of the biopharmaceutical company’s stock valued at $243,000 after buying an additional 6,841 shares in the last quarter. Finally, Man Group plc acquired a new stake in ChemoCentryx in the third quarter valued at approximately $255,000. Hedge funds and other institutional investors own 54.11% of the company’s stock.

About ChemoCentryx

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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