JPMorgan Chase & Co. Upgrades ChemoCentryx (NASDAQ:CCXI) to Overweight

JPMorgan Chase & Co. upgraded shares of ChemoCentryx (NASDAQ:CCXI) from a neutral rating to an overweight rating in a research report report published on Thursday morning, BenzingaRatingsTable reports. The brokerage currently has $14.00 price target on the biopharmaceutical company’s stock, down from their previous price target of $16.00.

A number of other research analysts also recently commented on CCXI. Zacks Investment Research downgraded ChemoCentryx from a buy rating to a hold rating in a report on Friday, May 17th. ValuEngine raised ChemoCentryx from a hold rating to a buy rating in a report on Thursday, August 1st. Raymond James reduced their price target on ChemoCentryx from $24.00 to $17.00 and set a strong-buy rating for the company in a report on Thursday, June 6th. BidaskClub raised ChemoCentryx from a sell rating to a hold rating in a report on Wednesday, August 21st. Finally, Canaccord Genuity reduced their price target on ChemoCentryx from $20.00 to $14.00 and set a buy rating for the company in a report on Thursday, June 6th. Two investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of Buy and an average price target of $17.57.

Shares of NASDAQ CCXI traded down $0.06 on Thursday, hitting $7.58. The company had a trading volume of 522,419 shares, compared to its average volume of 465,381. ChemoCentryx has a 12-month low of $6.16 and a 12-month high of $14.98. The business has a 50 day moving average of $7.11 and a two-hundred day moving average of $10.01. The company has a quick ratio of 3.57, a current ratio of 3.57 and a debt-to-equity ratio of 0.28. The firm has a market capitalization of $451.63 million, a P/E ratio of -9.97 and a beta of 1.19.

ChemoCentryx (NASDAQ:CCXI) last issued its earnings results on Monday, August 5th. The biopharmaceutical company reported ($0.26) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.21) by ($0.05). ChemoCentryx had a negative return on equity of 103.61% and a negative net margin of 144.27%. The company had revenue of $7.17 million during the quarter, compared to analysts’ expectations of $10.08 million. On average, sell-side analysts anticipate that ChemoCentryx will post -1.02 earnings per share for the current year.

Institutional investors and hedge funds have recently modified their holdings of the stock. Tower Research Capital LLC TRC acquired a new stake in ChemoCentryx during the second quarter valued at approximately $29,000. Quantamental Technologies LLC acquired a new stake in ChemoCentryx during the second quarter valued at approximately $46,000. BNP Paribas Arbitrage SA raised its stake in ChemoCentryx by 46,860.0% during the first quarter. BNP Paribas Arbitrage SA now owns 4,696 shares of the biopharmaceutical company’s stock valued at $65,000 after buying an additional 4,686 shares in the last quarter. Aperio Group LLC acquired a new stake in ChemoCentryx during the second quarter valued at approximately $82,000. Finally, JPMorgan Chase & Co. raised its stake in ChemoCentryx by 104.2% during the second quarter. JPMorgan Chase & Co. now owns 11,191 shares of the biopharmaceutical company’s stock valued at $100,000 after buying an additional 5,710 shares in the last quarter. 64.27% 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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Analyst Recommendations for ChemoCentryx (NASDAQ:CCXI)

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