ChemoCentryx Inc (NASDAQ:CCXI) Sees Significant Decrease in Short Interest

ChemoCentryx Inc (NASDAQ:CCXI) was the recipient of a large drop in short interest during the month of May. As of May 31st, there was short interest totalling 1,833,000 shares, a drop of 15.3% from the April 30th total of 2,163,500 shares. Based on an average daily volume of 588,500 shares, the short-interest ratio is currently 3.1 days. Currently, 6.0% of the company’s shares are short sold.

CCXI traded up $0.28 on Thursday, reaching $8.85. The company had a trading volume of 374,408 shares, compared to its average volume of 470,938. ChemoCentryx has a 1 year low of $8.06 and a 1 year high of $14.98. The stock has a market cap of $505.60 million, a PE ratio of -11.64 and a beta of 1.37. The company has a debt-to-equity ratio of 0.24, a current ratio of 3.43 and a quick ratio of 3.43.

ChemoCentryx (NASDAQ:CCXI) last announced its quarterly earnings results on Monday, May 6th. The biopharmaceutical company reported ($0.23) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.24) by $0.01. ChemoCentryx had a negative net margin of 97.22% and a negative return on equity of 111.15%. The firm had revenue of $8.33 million during the quarter, compared to analysts’ expectations of $11.37 million. As a group, equities analysts expect that ChemoCentryx will post -0.92 EPS for the current fiscal year.

In other ChemoCentryx news, CEO Thomas J. Schall sold 5,755 shares of the business’s stock in a transaction on Friday, March 29th. The shares were sold at an average price of $14.00, for a total value of $80,570.00. Following the completion of the transaction, the chief executive officer now owns 2,234,610 shares in the company, valued at $31,284,540. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Geoffrey M. Parker sold 12,815 shares of the business’s stock in a transaction on Thursday, May 30th. The stock was sold at an average price of $12.00, for a total transaction of $153,780.00. Following the completion of the transaction, the director now owns 85,014 shares of the company’s stock, valued at approximately $1,020,168. The disclosure for this sale can be found here. Insiders sold a total of 246,570 shares of company stock valued at $3,313,980 in the last quarter. 12.20% of the stock is owned by insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. FMR LLC increased its position in shares of ChemoCentryx by 796.2% in the first quarter. FMR LLC now owns 5,774,432 shares of the biopharmaceutical company’s stock worth $80,207,000 after acquiring an additional 5,130,127 shares in the last quarter. Marshall Wace North America L.P. acquired a new stake in shares of ChemoCentryx during the first quarter worth approximately $235,000. Marshall Wace LLP acquired a new stake in shares of ChemoCentryx during the first quarter worth approximately $1,840,000. ClariVest Asset Management LLC boosted its holdings in shares of ChemoCentryx by 6.4% during the first quarter. ClariVest Asset Management LLC now owns 51,400 shares of the biopharmaceutical company’s stock worth $714,000 after purchasing an additional 3,100 shares during the period. Finally, DekaBank Deutsche Girozentrale boosted its holdings in shares of ChemoCentryx by 21.2% during the first quarter. DekaBank Deutsche Girozentrale now owns 20,000 shares of the biopharmaceutical company’s stock worth $259,000 after purchasing an additional 3,500 shares during the period. 58.14% of the stock is owned by hedge funds and other institutional investors.

Several research firms have commented on CCXI. Zacks Investment Research upgraded shares of ChemoCentryx from a “hold” rating to a “buy” rating and set a $13.00 price target for the company in a research note on Wednesday, May 15th. BidaskClub downgraded shares of ChemoCentryx from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, June 5th. Raymond James decreased their price objective on shares of ChemoCentryx from $24.00 to $17.00 and set a “strong-buy” rating for the company in a research report on Thursday, June 6th. ValuEngine cut shares of ChemoCentryx from a “buy” rating to a “hold” rating in a research report on Wednesday, June 12th. Finally, B. Riley raised shares of ChemoCentryx from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $12.50 to $22.00 in a research report on Wednesday, March 27th. Four investment 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 stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $17.71.

ChemoCentryx Company Profile

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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