H.C. Wainwright analyst Edward White maintained a Buy rating on ChemoCentryx (NASDAQ: CCXI) today and set a price target of $20. The company’s shares closed on Friday at $11.95.
White observed:
“We base our $20 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 our estimated fully diluted year end 2018 net cash of $2.49/ 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 25.4% and a 54.5% success rate. White covers the Healthcare sector, focusing on stocks such as Syndax Pharmaceuticals Inc, Spectrum Pharmaceuticals, and Synthetic Biologics Inc.
Currently, the analyst consensus on ChemoCentryx is a Strong Buy with an average price target of $18.67, representing a 56.2% upside. In a report issued on August 10, Canaccord Genuity also maintained a Buy rating on the stock with a $18 price target.
.
See today’s analyst top recommended stocks >>
The company has a one-year high of $15.08 and a one-year low of $5.42. Currently, ChemoCentryx has an average volume of 284.5K.
Based on the recent corporate insider activity of 23 insiders, corporate insider sentiment is negative on the stock.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
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.
