ChemoCentryx (NASDAQ:CCXI) Cut to “Sell” at Zacks Investment Research

Zacks Investment Research downgraded shares of ChemoCentryx (NASDAQ:CCXI) from a hold rating to a sell rating in a research note published on Tuesday morning, Zacks.com reports.

According to Zacks, “ChemoCentryx, Inc. is a biopharmaceutical company focused on discovering, developing and commercializing orally-administered therapeutics to treat autoimmune diseases, inflammatory disorders and cancer. ChemoCentryx, Inc. is headquartered in Mountain View, California. “

Other research analysts have also recently issued reports about the stock. ValuEngine raised shares of ChemoCentryx from a hold rating to a buy rating in a research note on Thursday, August 1st. JPMorgan Chase & Co. raised shares of ChemoCentryx from a neutral rating to an overweight rating and dropped their price objective for the stock from $16.00 to $14.00 in a research note on Thursday, September 12th. Finally, BidaskClub raised shares of ChemoCentryx from a sell rating to a hold rating in a research note on Tuesday. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, six have issued a buy rating and two have issued a strong buy rating to the stock. ChemoCentryx presently has a consensus rating of Buy and a consensus price target of $17.57.

Shares of CCXI opened at $7.59 on Tuesday. The company has a debt-to-equity ratio of 0.28, a current ratio of 3.57 and a quick ratio of 3.57. The firm has a 50 day simple moving average of $7.06 and a 200-day simple moving average of $9.51. ChemoCentryx has a 1-year low of $6.16 and a 1-year high of $14.98. The stock has a market cap of $440.60 million, a price-to-earnings ratio of -9.99 and a beta of 1.15.

ChemoCentryx (NASDAQ:CCXI) last issued its quarterly earnings data on Monday, August 5th. The biopharmaceutical company reported ($0.26) earnings per share for the quarter, missing the Zacks’ 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 business had revenue of $7.17 million for the quarter, compared to analysts’ expectations of $10.08 million. On average, equities analysts expect that ChemoCentryx will post -1.04 earnings per share for the current fiscal year.

A number of hedge funds have recently added to or reduced their stakes in the business. FMR LLC grew its stake in ChemoCentryx by 796.2% in the 1st 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 during the period. BlackRock Inc. grew its stake in ChemoCentryx by 45.4% in the 2nd quarter. BlackRock Inc. now owns 3,852,875 shares of the biopharmaceutical company’s stock worth $35,832,000 after acquiring an additional 1,202,155 shares during the period. Wasatch Advisors Inc. grew its stake in ChemoCentryx by 21.9% in the 2nd quarter. Wasatch Advisors Inc. now owns 3,004,865 shares of the biopharmaceutical company’s stock worth $27,945,000 after acquiring an additional 540,201 shares during the period. Farallon Capital Management LLC grew its stake in ChemoCentryx by 33.3% in the 2nd quarter. Farallon Capital Management LLC now owns 2,000,000 shares of the biopharmaceutical company’s stock worth $18,600,000 after acquiring an additional 500,000 shares during the period. Finally, Vanguard Group Inc. grew its stake in ChemoCentryx by 37.9% in the 2nd quarter. Vanguard Group Inc. now owns 1,774,489 shares of the biopharmaceutical company’s stock worth $16,502,000 after acquiring an additional 488,063 shares during the period. 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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