Bulletin
Investor Alert

New York Markets Open in:

Market Pulse Archives

May 7, 2021, 10:15 a.m. EDT

FDA advisory committee votes 10-8 in favor of ChemoCentryx's experimental drug; stock is down

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    ChemoCentryx Inc. (CCXI)
  • X
    S&P 500 Index (SPX)

or Cancel Already have a watchlist? Log In

By Jaimy Lee

Shares of ChemoCentryx Inc. /zigman2/quotes/202958267/composite CCXI -3.33% tumbled 61.7% in trading on Friday, the day after a Food and Drug Administration advisory committee voted 10-8 that the benefits of the company's experimental autoimmune drug, avacopan, outweigh the risks. The mixed response from committee members followed critical words from the FDA earlier this week that had sent ChemoCentryx's stock diving. The company's stock this week was downgraded by Raymond James and Stifel Nicolaus, among others. Raymond James analyst Steven Seedhouse told investors that while he downgraded the stock to outperform, from strong buy, he still predicts a FDA approval by July 7 and a future blockbuster in avacopan, which is being evaluated as a treatment for anti-neutrophil cytoplasmic auto-antibody-associated vasculitis. "We're actually not changing our unadjusted avacopan estimates (~$1.9B peak unadjusted U.S. sales), only our probability of success (now at 50% vs. 100% prior)," he wrote. "Yes, we're calling this a pure coin flip between now and July 7." ChemoCentryx's stock is down 54.4% for the year, while the broader S&P 500 /zigman2/quotes/210599714/realtime SPX +1.40% is up 11.8%.

/zigman2/quotes/202958267/composite
US : U.S.: Nasdaq
$ 13.06
-0.45 -3.33%
Volume: 3.20M
June 21, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$942.32 million
Rev. per Employee
$487,902
loading...
/zigman2/quotes/210599714/realtime
US : S&P US
4,224.79
+58.34 +1.40%
Volume: 2.04B
June 21, 2021 5:12p
loading...

This Story has 0 Comments
Be the first to comment
More News In
Industries

Story Conversation

Commenting FAQs »

Partner Center

Link to MarketWatch's Slice.