ChemoCentryx (NASDAQ:CCXI) Price Target Cut to $17.00 by Analysts at Raymond James

ChemoCentryx (NASDAQ:CCXI) had its target price decreased by Raymond James from $24.00 to $17.00 in a research report sent to investors on Thursday, June 6th, The Fly reports. Raymond James currently has a strong-buy rating on the biopharmaceutical company’s stock.

Other research analysts also recently issued research reports about the stock. Zacks Investment Research upgraded shares of ChemoCentryx from a hold rating to a buy rating and set a $13.00 price target on the stock in a report on Wednesday, May 15th. BidaskClub lowered shares of ChemoCentryx from a strong-buy rating to a buy rating in a research note on Wednesday, June 5th. HC Wainwright reiterated a buy rating and issued a $23.00 target price on shares of ChemoCentryx in a research note on Tuesday, May 7th. Canaccord Genuity lowered their target price on shares of ChemoCentryx from $20.00 to $14.00 and set a buy rating on the stock in a research note on Thursday, June 6th. Finally, ValuEngine lowered shares of ChemoCentryx from a strong-buy rating to a buy rating in a research report on Monday, May 20th. Four research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. ChemoCentryx presently has a consensus rating of Buy and an average price target of $17.71.

NASDAQ:CCXI traded up $0.36 during trading hours on Thursday, reaching $9.30. 2,908,100 shares of the company’s stock were exchanged, compared to its average volume of 505,757. The stock has a market cap of $504.44 million, a P/E ratio of -12.24 and a beta of 1.37. ChemoCentryx has a 12 month low of $8.06 and a 12 month high of $14.98. The company has a debt-to-equity ratio of 0.24, a current ratio of 3.43 and a quick ratio of 3.43. The stock has a 50-day moving average price of $10.36.

ChemoCentryx (NASDAQ:CCXI) last issued its earnings results on Monday, May 6th. The biopharmaceutical company reported ($0.23) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.24) by $0.01. The firm had revenue of $8.33 million during the quarter, compared to analysts’ expectations of $11.37 million. ChemoCentryx had a negative net margin of 97.22% and a negative return on equity of 111.15%. On average, sell-side analysts forecast that ChemoCentryx will post -0.92 EPS for the current year.

In related news, SVP Rajinder Singh sold 33,000 shares of ChemoCentryx stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $12.96, for a total transaction of $427,680.00. Following the completion of the transaction, the senior vice president now directly owns 43,614 shares of the company’s stock, valued at approximately $565,237.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Geoffrey M. Parker sold 12,815 shares of ChemoCentryx stock in a transaction dated Thursday, May 30th. The shares were sold at an average price of $12.00, for a total transaction of $153,780.00. Following the transaction, the director now directly owns 85,014 shares of the company’s stock, valued at $1,020,168. The disclosure for this sale can be found here. Insiders have sold a total of 205,815 shares of company stock valued at $2,776,660 over the last ninety days. 12.20% of the stock is owned by insiders.

A number of hedge funds have recently made changes to their positions in the stock. SG Americas Securities LLC lifted its holdings in ChemoCentryx by 12.6% during the 1st quarter. SG Americas Securities LLC now owns 20,240 shares of the biopharmaceutical company’s stock valued at $281,000 after purchasing an additional 2,269 shares during the last quarter. Los Angeles Capital Management & Equity Research Inc. raised its stake in shares of ChemoCentryx by 14.4% in the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 21,772 shares of the biopharmaceutical company’s stock worth $302,000 after acquiring an additional 2,740 shares during the last quarter. ClariVest Asset Management LLC raised its stake in shares of ChemoCentryx by 6.4% in the first quarter. ClariVest Asset Management LLC now owns 51,400 shares of the biopharmaceutical company’s stock worth $714,000 after acquiring an additional 3,100 shares during the last quarter. Meeder Asset Management Inc. raised its stake in shares of ChemoCentryx by 103.5% in the first quarter. Meeder Asset Management Inc. now owns 6,176 shares of the biopharmaceutical company’s stock worth $86,000 after acquiring an additional 3,141 shares during the last quarter. Finally, Strs Ohio raised its stake in shares of ChemoCentryx by 6.5% in the fourth quarter. Strs Ohio now owns 55,800 shares of the biopharmaceutical company’s stock worth $608,000 after acquiring an additional 3,400 shares during the last quarter. 58.14% of the stock is owned by hedge funds and other institutional investors.

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.

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