ChemoCentryx: Set for record high on 'transformational' data, lifts rival Inflarx

Inflarx NV

26/11/2019 10:42

** Shares of drug developer  CCXI.O  more than quadruple to
$33.1 premarket; set to open at their record high and wipe out
YTD losses if gains hold 
    ** CCXI and Vifor Fresenius Medical Care Renal Pharma's drug
for patients with anti-neutrophil cytoplasmic
antibody-associated vasculitis (ANCA-associated vasculitis)
meets main goals in late-stage study  urn:newsml:reuters.com:*:nGNX83JQWk
    ** J.P. Morgan calls the data transformational and says it
was well ahead of Wall Street expectations 
    ** ANCA-associated vasculitis (AAC) is a group of diseases
characterized by destruction and inflammation of small blood
vessels
    ** U.S-listed shares of rival Inflarx NV  IFRX.O  also up
17.7% at $3.12; company is testing its treatment for AAC in
mid-stage trials 
    ** Brokerage Baird says the success of CCXI's drug provides
a positive read through to Inflarx's treatment but adds that the
drug, avacopan, may be difficult to beat in the market 
    ** CCXI owns commercial rights of avacopan in the United
States
    ** Analysts' median PT for CCXI has more than doubled in
last 30 days, and is up 151.3% up from three months ago

 (Reporting by Manas Mishra in Bengaluru)
 ((Manas.Mishra@thomsonreuters.com; within U.S. +1 646 223 8780,
outside U.S. +91 806749 8325;))