ChemoCentryx, Inc. (CCXI) Upgraded by Zacks Investment Research to “Buy”

Zacks Investment Research upgraded shares of ChemoCentryx, Inc. (NASDAQ:CCXI) from a hold rating to a buy rating in a research note issued to investors on Monday, July 17th. Zacks Investment Research currently has $12.00 price objective on the biopharmaceutical company’s stock.

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. “

ChemoCentryx (NASDAQ:CCXI) traded up 0.83% on Monday, reaching $7.26. 255,487 shares of the company were exchanged. ChemoCentryx has a 12-month low of $4.06 and a 12-month high of $10.80. The company’s 50-day moving average price is $9.58 and its 200-day moving average price is $7.71. The stock’s market capitalization is $353.61 million.

ChemoCentryx (NASDAQ:CCXI) last announced its quarterly earnings results on Tuesday, August 8th. The biopharmaceutical company reported ($0.19) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.17) by $0.02. The business had revenue of $8.94 million for the quarter. Equities research analysts anticipate that ChemoCentryx will post ($0.90) earnings per share for the current fiscal year.

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In other news, insider Petrus Bekker sold 30,000 shares of the company’s stock in a transaction on Wednesday, July 12th. The shares were sold at an average price of $9.98, for a total value of $299,400.00. Following the completion of the sale, the insider now owns 65,963 shares in the company, valued at approximately $658,310.74. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In the last quarter, insiders sold 223,649 shares of company stock valued at $2,157,360. Company insiders own 26.80% of the company’s stock.

Several hedge funds have recently bought and sold shares of CCXI. Bank of Montreal Can purchased a new stake in ChemoCentryx during the second quarter valued at about $102,000. JPMorgan Chase & Co. purchased a new stake in ChemoCentryx during the second quarter valued at about $104,000. Voya Investment Management LLC raised its stake in ChemoCentryx by 22.8% in the second quarter. Voya Investment Management LLC now owns 15,984 shares of the biopharmaceutical company’s stock valued at $150,000 after buying an additional 2,965 shares during the last quarter. Trexquant Investment LP raised its stake in ChemoCentryx by 81.1% in the second quarter. Trexquant Investment LP now owns 18,600 shares of the biopharmaceutical company’s stock valued at $174,000 after buying an additional 8,327 shares during the last quarter. Finally, State of Wisconsin Investment Board purchased a new stake in ChemoCentryx during the second quarter valued at about $178,000. Hedge funds and other institutional investors own 49.37% of the company’s stock.

About ChemoCentryx

ChemoCentryx, Inc is a biopharmaceutical company. The Company is engaged in developing new medications targeted at inflammatory disorders, autoimmune diseases and cancer. Each of its drug candidates focuses on a specific chemoattractant receptor that selectively blocks its negative inflammatory or suppressive response, leaving the rest of the immune system intact.

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