Zacks Investment Research Upgrades ChemoCentryx (CCXI) to “Buy”

ChemoCentryx (NASDAQ:CCXI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday. The brokerage presently has a $13.00 price target on the biopharmaceutical company’s stock. Zacks Investment Research‘s price target points to a potential upside of 21.50% from the stock’s current price.

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. “

Several other brokerages have also recently commented on CCXI. BidaskClub upgraded ChemoCentryx from a “hold” rating to a “buy” rating in a report on Thursday, October 18th. ValuEngine upgraded ChemoCentryx from a “buy” rating to a “strong-buy” rating in a report on Tuesday, December 25th. Piper Jaffray Companies initiated coverage on ChemoCentryx in a report on Monday. They issued an “overweight” rating and a $20.00 target price on the stock. B. Riley initiated coverage on ChemoCentryx in a report on Tuesday, January 8th. They issued a “neutral” rating and a $12.50 target price on the stock. Finally, Canaccord Genuity upped their target price on ChemoCentryx from $18.00 to $20.00 and gave the company a “buy” rating in a report on Monday, November 12th. Four research analysts have rated the stock with a hold rating, three have assigned a buy rating and three have issued a strong buy rating to the company. ChemoCentryx currently has an average rating of “Buy” and an average target price of $16.93.

Shares of CCXI stock opened at $10.70 on Tuesday. ChemoCentryx has a one year low of $8.77 and a one year high of $15.08. The company has a market capitalization of $551.74 million, a P/E ratio of 29.72 and a beta of 1.43. The company has a current ratio of 2.87, a quick ratio of 2.87 and a debt-to-equity ratio of 0.69.

In other ChemoCentryx news, CEO Thomas J. Schall sold 7,275 shares of the business’s stock in a transaction that occurred on Monday, January 7th. The stock was sold at an average price of $12.04, for a total value of $87,591.00. Following the transaction, the chief executive officer now directly owns 2,236,130 shares of the company’s stock, valued at $26,923,005.20. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Treasurer Markus J. Cappel sold 5,069 shares of the business’s stock in a transaction that occurred on Monday, January 7th. The shares were sold at an average price of $12.07, for a total value of $61,182.83. Following the completion of the transaction, the treasurer now directly owns 40,510 shares in the company, valued at $488,955.70. The disclosure for this sale can be found here. Over the last three months, insiders sold 78,541 shares of company stock worth $946,573. Insiders own 14.50% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the business. Raymond James & Associates acquired a new position in ChemoCentryx in the fourth quarter valued at approximately $133,000. SG Americas Securities LLC acquired a new position in ChemoCentryx in the fourth quarter valued at approximately $196,000. MetLife Investment Advisors LLC lifted its stake in ChemoCentryx by 55.2% in the third quarter. MetLife Investment Advisors LLC now owns 19,233 shares of the biopharmaceutical company’s stock valued at $243,000 after buying an additional 6,841 shares during the period. Man Group plc acquired a new position in ChemoCentryx in the third quarter valued at approximately $255,000. Finally, Rhumbline Advisers lifted its stake in ChemoCentryx by 44.9% in the fourth quarter. Rhumbline Advisers now owns 30,596 shares of the biopharmaceutical company’s stock valued at $334,000 after buying an additional 9,479 shares during the period. 53.72% of the stock is currently 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 (AAV).

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