H.C. Wainwright Keeps Their Buy Rating on ChemoCentryx (CCXI)

By Austin Angelo

In a report released today, Edward White from H.C. Wainwright maintained a Buy rating on ChemoCentryx (CCXIResearch Report), with a price target of $23. The company’s shares closed yesterday at $13.41.

White commented:

“We base our $23 price target on probability adjusted revenue forecasts for avacopan in AAV and C3G. We use the net present value of our revenue forecast through 2028, apply a 30% probability of success (POS) for avacopan in AAV, a 25% POS for avacopan in C3G, a 3x price/sales multiple, and use our estimated fully diluted year end 2019 net cash of $2.54/share to arrive at our price target. Our P/S multiple of 3x is in-line with ChemoCentryx’s peers that range between 2-5x.”

According to TipRanks.com, White is a 5-star analyst with an average return of 15.1% and a 50.3% success rate. White covers the Healthcare sector, focusing on stocks such as Syndax Pharmaceuticals Inc, Spectrum Pharmaceuticals, and Aileron Therapeutics Inc.

Currently, the analyst consensus on ChemoCentryx is a Strong Buy with an average price target of $21.40, implying a 59.6% upside from current levels. In a report issued on April 23, Raymond James also maintained a Buy rating on the stock with a $22 price target.

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The company has a one-year high of $14.98 and a one-year low of $9.07. Currently, ChemoCentryx has an average volume of 494.8K.

Based on the recent corporate insider activity of 33 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of CCXI in relation to earlier this year. Most recently, in February 2019, Susan Kanaya, the EVP, CFO and Sec. of CCXI bought 3,037 shares for a total of $10,842.

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ChemoCentryx, Inc. is a biopharmaceutical company engages in the development and commercialization of medicines. It focuses on inflammatory disorders, autoimmune diseases, and cancer. Its drug candidates such as Avacopan and CCX140, selectively blocks a specific chemoattractant receptor, leaving the rest of the immune system intact.