Short Interest in ChemoCentryx Inc (NASDAQ:CCXI) Drops By 16.2%

ChemoCentryx Inc (NASDAQ:CCXI) was the target of a significant drop in short interest in July. As of July 31st, there was short interest totalling 3,507,000 shares, a drop of 16.2% from the June 30th total of 4,183,200 shares. Based on an average trading volume of 511,900 shares, the short-interest ratio is currently 6.9 days. Approximately 11.5% of the shares of the stock are sold short.

In other news, Director Geoffrey M. Parker sold 12,815 shares of the stock in a transaction that occurred on Thursday, May 30th. The shares were sold at an average price of $12.00, for a total value of $153,780.00. Following the completion of the transaction, the director now directly owns 85,014 shares in the company, valued at $1,020,168. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 12.20% of the company’s stock.

Large investors have recently modified their holdings of the stock. Bank of New York Mellon Corp grew its position in ChemoCentryx by 10.2% in the fourth quarter. Bank of New York Mellon Corp now owns 139,805 shares of the biopharmaceutical company’s stock worth $1,525,000 after acquiring an additional 12,957 shares during the period. Raymond James & Associates purchased a new position in ChemoCentryx in the fourth quarter worth approximately $133,000. Dimensional Fund Advisors LP grew its position in ChemoCentryx by 15.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 632,061 shares of the biopharmaceutical company’s stock worth $6,896,000 after acquiring an additional 84,290 shares during the period. Geode Capital Management LLC grew its position in ChemoCentryx by 33.0% in the fourth quarter. Geode Capital Management LLC now owns 333,917 shares of the biopharmaceutical company’s stock worth $3,642,000 after acquiring an additional 82,918 shares during the period. Finally, Metropolitan Life Insurance Co. NY grew its position in ChemoCentryx by 369.8% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 8,804 shares of the biopharmaceutical company’s stock worth $96,000 after acquiring an additional 6,930 shares during the period. Institutional investors and hedge funds own 58.14% of the company’s stock.

CCXI has been the subject of a number of research reports. ValuEngine upgraded shares of ChemoCentryx from a “hold” rating to a “buy” rating in a report on Thursday, August 1st. Zacks Investment Research cut shares of ChemoCentryx from a “buy” rating to a “hold” rating in a report on Friday, May 17th. BidaskClub upgraded shares of ChemoCentryx from a “strong sell” rating to a “sell” rating in a report on Tuesday, August 6th. Canaccord Genuity reduced their target price on shares of ChemoCentryx from $20.00 to $14.00 and set a “buy” rating for the company in a report on Thursday, June 6th. Finally, HC Wainwright restated a “buy” rating and set a $23.00 target price on shares of ChemoCentryx in a report on Tuesday, May 7th. One investment analyst has rated the stock with a sell rating, two have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. ChemoCentryx has an average rating of “Buy” and an average target price of $17.71.

NASDAQ:CCXI traded down $0.18 during trading hours on Wednesday, reaching $6.84. 12,416 shares of the company’s stock were exchanged, compared to its average volume of 477,709. The stock has a market cap of $402.85 million, a P/E ratio of -9.21 and a beta of 1.07. ChemoCentryx has a 12 month low of $6.16 and a 12 month high of $14.98. 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 stock has a 50-day moving average price of $8.15.

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 Zacks’ consensus estimate of ($0.21) by ($0.05). The business had revenue of $7.17 million for the quarter, compared to the consensus estimate of $10.08 million. ChemoCentryx had a negative return on equity of 103.61% and a negative net margin of 144.27%. On average, sell-side analysts forecast that ChemoCentryx will post -1.02 EPS for the current year.

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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