ChemoCentryx (NASDAQ:CCXI) Lowered to Market Perform at SVB Leerink

Posted by Dante Gardener on Aug 6th, 2022

SVB Leerink lowered shares of ChemoCentryx (NASDAQ:CCXI – Get Rating) from an outperform rating to a market perform rating in a report issued on Friday, MarketBeat Ratings reports. SVB Leerink currently has $52.00 price target on the biopharmaceutical company’s stock, down from their prior price target of $64.00.

A number of other analysts have also issued reports on CCXI. Canaccord Genuity Group initiated coverage on shares of ChemoCentryx in a research note on Thursday. They set a buy rating and a $81.00 price objective on the stock. StockNews.com lowered shares of ChemoCentryx from a hold rating to a sell rating in a research note on Tuesday. Finally, HC Wainwright lowered shares of ChemoCentryx from a buy rating to a neutral rating and dropped their price target for the stock from $101.00 to $52.00 in a research note on Friday. One investment analyst has rated the stock with a sell rating, four have given a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of Moderate Buy and a consensus price target of $65.11.

ChemoCentryx Price Performance

ChemoCentryx stock opened at $50.52 on Friday. The firm’s 50-day moving average is $25.29 and its two-hundred day moving average is $24.45. The company has a debt-to-equity ratio of 0.02, a current ratio of 5.11 and a quick ratio of 5.07. ChemoCentryx has a 12-month low of $13.11 and a 12-month high of $50.90. The stock has a market capitalization of $3.60 billion, a P/E ratio of -25.13 and a beta of 1.67.

ChemoCentryx (NASDAQ:CCXI – Get Rating) last released its earnings results on Thursday, May 5th. The biopharmaceutical company reported ($0.55) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.30) by ($0.25). The company had revenue of $5.46 million during the quarter, compared to analyst estimates of $4.43 million. ChemoCentryx had a negative return on equity of 47.24% and a negative net margin of 514.64%. During the same period in the prior year, the business posted ($0.43) earnings per share. Equities analysts predict that ChemoCentryx will post -1.94 earnings per share for the current year.

Insider Activity

In other news, Director James L. Tyree sold 3,863 shares of ChemoCentryx stock in a transaction that occurred on Thursday, June 9th. The stock was sold at an average price of $25.66, for a total transaction of $99,124.58. Following the sale, the director now owns 19,138 shares of the company’s stock, valued at $491,081.08. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 8.30% of the company’s stock.

Institutional Investors Weigh In On ChemoCentryx

Hedge funds have recently made changes to their positions in the business. Total Clarity Wealth Management Inc. bought a new stake in ChemoCentryx during the fourth quarter worth approximately $29,000. CWM LLC bought a new stake in ChemoCentryx during the fourth quarter worth approximately $37,000. UMB Bank N A MO bought a new stake in ChemoCentryx during the fourth quarter worth approximately $37,000. Lazard Asset Management LLC bought a new stake in ChemoCentryx during the fourth quarter worth approximately $60,000. Finally, Assetmark Inc. raised its holdings in ChemoCentryx by 360.7% during the second quarter. Assetmark Inc. now owns 1,760 shares of the biopharmaceutical company’s stock worth $44,000 after purchasing an additional 1,378 shares in the last quarter. Institutional investors own 82.28% of the company’s stock.

ChemoCentryx Company Profile

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ChemoCentryx, Inc, a biopharmaceutical company, focuses on the development and commercialization of new medications for inflammatory disorders, autoimmune diseases, and cancer in the United States. It offers TAVNEOS (avacopan), an orally administered selective C5aR inhibitor for the treatment of adult patients with severe active anti-neutrophil cytoplasmic autoantibody-associated vasculitis.