HC Wainwright restated their buy rating on shares of ChemoCentryx (NASDAQ:CCXI) in a research report sent to investors on Tuesday, May 7th, AnalystRatings.com reports. HC Wainwright currently has a $23.00 price objective on the biopharmaceutical company’s stock.
“We base our $23 price target on probability adjusted revenue forecasts for avacopan in AAV and C3G. We use the net present value of our revenue forecast through 2028, apply a 30% probability of success (POS) for avacopan in AAV, a 25% POS for avacopan in C3G, a 3x price/sales multiple, and use our estimated fully diluted year end 2019 net cash of $2.54/share to arrive at our price target. Our P/S multiple of 3x is in-line with ChemoCentryx’s peers that range between 2-5x.”,” HC Wainwright’s analyst wrote.
A number of other brokerages have also recently commented on CCXI. Zacks Investment Research upgraded ChemoCentryx from a hold rating to a buy rating and set a $14.00 target price for the company in a report on Wednesday, January 16th. Svb Leerink restated an outperform rating on shares of ChemoCentryx in a report on Thursday, February 14th. B. Riley began coverage on ChemoCentryx in a research note on Tuesday, January 8th. They issued a neutral rating and a $12.50 price objective for the company. Piper Jaffray Companies began coverage on ChemoCentryx in a research note on Monday, February 11th. They issued an overweight rating and a $20.00 price objective for the company. Finally, ValuEngine cut ChemoCentryx from a strong-buy rating to a buy rating in a research note on Tuesday, March 5th. Two research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. ChemoCentryx currently has an average rating of Buy and an average price target of $19.29.
Shares of NASDAQ:CCXI traded down $0.03 during midday trading on Tuesday, reaching $12.32. 356,801 shares of the company’s stock were exchanged, compared to its average volume of 457,543. The company has a current ratio of 3.43, a quick ratio of 3.43 and a debt-to-equity ratio of 0.24. The company has a market capitalization of $715.15 million, a price-to-earnings ratio of -16.21 and a beta of 1.25. ChemoCentryx has a fifty-two week low of $9.07 and a fifty-two week high of $14.98.
ChemoCentryx (NASDAQ:CCXI) last issued its quarterly earnings data on Monday, May 6th. The biopharmaceutical company reported ($0.23) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.24) by $0.01. ChemoCentryx had a negative return on equity of 111.15% and a negative net margin of 97.22%. The firm had revenue of $8.33 million during the quarter, compared to the consensus estimate of $11.37 million. As a group, equities research analysts predict that ChemoCentryx will post -0.92 earnings per share for the current fiscal year.
In other news, CFO Susan M. Kanaya sold 35,000 shares of the firm’s stock in a transaction dated Wednesday, March 27th. The stock was sold at an average price of $13.05, for a total transaction of $456,750.00. Following the sale, the chief financial officer now owns 110,890 shares of the company’s stock, valued at approximately $1,447,114.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Thomas J. Schall sold 5,755 shares of the firm’s stock in a transaction dated Friday, March 29th. The stock was sold at an average price of $14.00, for a total value of $80,570.00. Following the sale, the chief executive officer now directly owns 2,234,610 shares in the company, valued at approximately $31,284,540. The disclosure for this sale can be found here. Insiders have sold a total of 233,755 shares of company stock worth $3,160,200 in the last three months. Corporate insiders own 12.20% of the company’s stock.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in CCXI. Kore Private Wealth LLC acquired a new position in ChemoCentryx during the first quarter worth approximately $28,000. BNP Paribas Arbitrage SA increased its holdings in shares of ChemoCentryx by 46,860.0% in the first quarter. BNP Paribas Arbitrage SA now owns 4,696 shares of the biopharmaceutical company’s stock valued at $65,000 after purchasing an additional 4,686 shares during the period. Meeder Asset Management Inc. increased its holdings 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 valued at $86,000 after purchasing an additional 3,141 shares during the period. Citigroup Inc. increased its holdings in shares of ChemoCentryx by 67.7% in the first quarter. Citigroup Inc. now owns 6,829 shares of the biopharmaceutical company’s stock valued at $95,000 after purchasing an additional 2,756 shares during the period. Finally, Metropolitan Life Insurance Co. NY increased its holdings in shares of 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 purchasing an additional 6,930 shares during the period. 58.14% of the stock is currently owned by institutional investors.
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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