ChemoCentryx surges on strong quarterly sales of autoimmune disease drug

Churchill Capital XI

06/05/2022 13:29

** ChemoCentryx's shares  CCXI.O  surges 11% to $17.40
premarket
    ** Reports $5.4 million in revenue from its only approved
drug Tavneos, which is used with other medicines to treat a rare
autoimmune diseases  urn:newsml:reuters.com:*:nGNX4JmZVG
    ** Stifel says Tavneos sales comfortably beat its estimates
of $2.9 million
    ** Brokerage says increased access and physician education
could help improve drug's uptake among nephrologists, which
along with easing of COVID-19 restrictions may propel growth in
Q2 and beyond; raises PT to $86 from $85
    ** Tavneos was approved in October last year  urn:newsml:reuters.com:*:nL4N2R42LP
    ** 7 of 8 brokerages rate the stock "buy" or higher, 1
"hold"; their median PT is $65
    ** Up to Thursday's close, stock had fallen 57% YTD compared
with a 21% decline in the Nasdaq Biotechnology index  .NBI 

 (Reporting by Leroy Leo in Bengaluru)
 ((Leroy.Dsouza@thomsonreuters.com ; Twitter: https://twitter.com/LeroyLeo7;))