ValuEngine Upgrades ChemoCentryx (CCXI) to Buy

ChemoCentryx (NASDAQ:CCXI) was upgraded by research analysts at ValuEngine from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday, March 14th.

Several other research analysts have also recently weighed in on CCXI. JPMorgan Chase reissued an “overweight” rating and issued a $16.00 price objective (up previously from $13.00) on shares of ChemoCentryx in a research report on Tuesday, March 13th. BidaskClub raised ChemoCentryx from a “strong sell” rating to a “sell” rating in a research report on Saturday, March 3rd. Finally, Zacks Investment Research upgraded ChemoCentryx from a “hold” rating to a “buy” rating and set a $14.00 price objective on the stock in a research note on Wednesday, March 14th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $15.00.

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Shares of CCXI traded down $0.33 during mid-day trading on Wednesday, reaching $12.33. 150,879 shares of the company were exchanged, compared to its average volume of 388,506. The company has a market capitalization of $603.20, a price-to-earnings ratio of 34.25 and a beta of 1.58. The company has a debt-to-equity ratio of 0.06, a current ratio of 5.46 and a quick ratio of 5.46. ChemoCentryx has a 52 week low of $5.42 and a 52 week high of $15.08.

ChemoCentryx (NASDAQ:CCXI) last released its quarterly earnings data on Friday, March 9th. The biopharmaceutical company reported $0.80 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.22) by $1.02. The firm had revenue of $56.30 million for the quarter, compared to the consensus estimate of $9.03 million. sell-side analysts anticipate that ChemoCentryx will post -1.18 EPS for the current year.

Institutional investors and hedge funds have recently bought and sold shares of the company. Voya Investment Management LLC boosted its holdings in ChemoCentryx by 22.8% during the 2nd quarter. Voya Investment Management LLC now owns 15,984 shares of the biopharmaceutical company’s stock valued at $150,000 after acquiring an additional 2,965 shares during the period. The Manufacturers Life Insurance Company boosted its holdings in ChemoCentryx by 14.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 22,514 shares of the biopharmaceutical company’s stock valued at $211,000 after acquiring an additional 2,852 shares during the period. Wells Fargo & Company MN boosted its holdings in ChemoCentryx by 3.2% during the 2nd quarter. Wells Fargo & Company MN now owns 23,595 shares of the biopharmaceutical company’s stock valued at $221,000 after acquiring an additional 729 shares during the period. Arrowstreet Capital Limited Partnership boosted its holdings in ChemoCentryx by 44.5% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 26,016 shares of the biopharmaceutical company’s stock valued at $155,000 after acquiring an additional 8,017 shares during the period. Finally, ING Groep NV purchased a new stake in ChemoCentryx in the 3rd quarter worth approximately $223,000. Hedge funds and other institutional investors own 48.39% of the company’s stock.

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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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