B.Riley FBR Thinks ChemoCentryx’s Stock is Going to Recover

In a report released today, Harshita Polishetty from B.Riley FBR maintained a Buy rating on ChemoCentryx (CCXI), with a price target of $19. The company’s shares closed yesterday at $6.91, close to its 52-week low of $6.16.

Polishetty said:

“After the market close on Monday (8/5), ChemoCentryx (CCXI) reported 2Q19 financial results and provided an update on its pipeline. As a reminder, the company’s pivotal Phase III ADVOCATE trial is investigating lead candidate avacopan, a complement factor C5a receptor (C5aR) antagonist, in ANCA-associated vasculitis (AAV) patients. In addition, in early June, InflaRx (IFRX) reported that the company’s first-in-class monoclonal anti-human complement factor C5a antibody, IFX-1, did not achieve its primary endpoint in the SHINE Phase IIb study in patients suffering from moderate to severe Hidradenitis Suppurativa (HS), a debilitating autoimmune skin disease characterized by recurrent, painful boils and abscesses.”

According to TipRanks.com, Polishetty is a 4-star analyst with an average return of 23.5% and a 63.2% success rate. Polishetty covers the Healthcare sector, focusing on stocks such as Syndax Pharmaceuticals Inc, Karyopharm Therapeutics, and Mirati Therapeutics.

ChemoCentryx has an analyst consensus of Strong Buy, with a price target consensus of $18, which is a 160.5% upside from current levels. In a report issued on August 6, H.C. Wainwright also maintained a Buy rating on the stock with a $23 price target.

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The company has a one-year high of $14.98 and a one-year low of $6.16. Currently, ChemoCentryx has an average volume of 511.6K.

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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.

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