Market forces rained on the parade of ChemoCentryx, Inc. (NASDAQ:CCXI) shareholders today, when the analysts downgraded their forecasts for this year. This report focused on revenue estimates, and it looks as though the consensus view of the business has become substantially more conservative.
After this downgrade, ChemoCentryx’s six analysts are now forecasting revenues of US$37m in 2020. This would be a decent 9.4% improvement in sales compared to the last 12 months. Losses are supposed to balloon 27% to US$1.41 per share. However, before this estimates update, the consensus had been expecting revenues of US$41m and US$1.33 per share in losses. Ergo, there’s been a clear change in sentiment, with the analysts administering a notable cut to this year’s revenue estimates, while at the same time