ChemoCentryx (NASDAQ:CCXI) Price Target Cut to $70.00 by Analysts at Wells Fargo & Company

ChemoCentryx (NASDAQ:CCXI) had its price objective reduced by Wells Fargo & Company from $79.00 to $70.00 in a research report report published on Thursday morning, The Fly reports. Wells Fargo & Company currently has an overweight rating on the biopharmaceutical company’s stock.

CCXI has been the subject of several other reports. BidaskClub downgraded ChemoCentryx from a buy rating to a hold rating in a research report on Tuesday, October 20th. Piper Sandler lifted their price objective on ChemoCentryx from $67.00 to $71.00 and gave the company an overweight rating in a report on Thursday. HC Wainwright lifted their price objective on ChemoCentryx from $73.00 to $85.00 in a report on Thursday, September 17th. Raymond James lifted their price objective on ChemoCentryx from $95.00 to $100.00 and gave the company a strong-buy rating in a report on Tuesday, August 11th. Finally, TheStreet upgraded ChemoCentryx from a d rating to a c rating in a research report on Thursday, August 20th. Three research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of Buy and a consensus price target of $71.10.

Shares of NASDAQ:CCXI traded down $1.16 on Thursday, hitting $48.36. 16,037 shares of the company’s stock were exchanged, compared to its average volume of 660,610. ChemoCentryx has a 12 month low of $7.88 and a 12 month high of $65.43. The stock has a market capitalization of $3.41 billion, a price-to-earnings ratio of -91.70 and a beta of 1.70. The business’s 50 day simple moving average is $54.58 and its two-hundred day simple moving average is $55.04. The company has a debt-to-equity ratio of 0.12, a current ratio of 9.00 and a quick ratio of 9.00.

ChemoCentryx (NASDAQ:CCXI) last released its earnings results on Monday, August 10th. The biopharmaceutical company reported $0.29 earnings per share for the quarter, topping the consensus estimate of ($0.34) by $0.63. ChemoCentryx had a negative return on equity of 19.57% and a negative net margin of 39.19%. The business had revenue of $49.44 million during the quarter, compared to the consensus estimate of $8.31 million. Equities analysts forecast that ChemoCentryx will post -0.69 EPS for the current fiscal year.

In related news, major shareholder (International) Ltd Vifor sold 49,258 shares of the stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $53.93, for a total value of $2,656,483.94. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 9.30% of the stock is currently owned by corporate insiders.

Large investors have recently modified their holdings of the business. FMR LLC boosted its holdings in ChemoCentryx by 9.9% during the 2nd quarter. FMR LLC now owns 10,165,899 shares of the biopharmaceutical company’s stock valued at $584,946,000 after acquiring an additional 919,214 shares during the period. Vanguard Group Inc. boosted its holdings in ChemoCentryx by 62.5% during the 2nd quarter. Vanguard Group Inc. now owns 3,623,260 shares of the biopharmaceutical company’s stock valued at $208,482,000 after acquiring an additional 1,393,472 shares during the period. Marshall Wace North America L.P. boosted its holdings in ChemoCentryx by 33.6% during the 2nd quarter. Marshall Wace North America L.P. now owns 1,550,134 shares of the biopharmaceutical company’s stock valued at $89,195,000 after acquiring an additional 390,057 shares during the period. State Street Corp boosted its holdings in ChemoCentryx by 2.4% during the 1st quarter. State Street Corp now owns 1,076,196 shares of the biopharmaceutical company’s stock valued at $43,242,000 after acquiring an additional 25,577 shares during the period. Finally, Avidity Partners Management LP raised its position in ChemoCentryx by 173.6% in the 2nd quarter. Avidity Partners Management LP now owns 645,800 shares of the biopharmaceutical company’s stock valued at $37,159,000 after purchasing an additional 409,800 shares in the last quarter. Institutional investors own 76.36% of the company’s stock.

ChemoCentryx Company Profile

ChemoCentryx, Inc, a clinical-stage biopharmaceutical company, focuses on the development and commercialization of new medications for inflammatory disorders, autoimmune diseases, and cancer in the United States. Its lead drug candidate is Avacopan, an orally-administered complement inhibitor of the complement C5a receptor (C5aR), which is in Phase III development for the treatment of anti-neutrophil cytoplasmic auto-antibody-associated vasculitis; and Phase IIb clinical trial, the AURORA trial for the treatment of patients with moderate-to-severe hidradenitis suppurativa, as well as patients with complement 3 glomerulopathy.

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