ChemoCentryx Receives FDA Approval for TAVNEOS; Shares Skyrocket

Shares of biopharmaceutical company ChemoCentryx, Inc., (CCXI) jumped 96% on Friday to close at $38.41 after the company announced that its orally administered selective complement 5a receptor inhibitor, TAVNEOS, received Food and Drug Administration’s (FDA) approval.

Don't Miss our Black Friday Offers:

Unlock your investing potential with TipRanks Premium - Now At 40% OFF!
Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter

TAVNEOS has been approved as an adjunctive treatment of adult patients with severe active anti-neutrophil cytoplasmic autoantibody-associated vasculitis and microscopic polyangiitis, which are the two main forms of ANCA vasculitis. Moreover, it is the first FDA approved orally-administered inhibitor of the complement C5a receptor.

The CEO of ChemoCentryx, Thomas J. Schall, said, “We look forward to making TAVNEOS available to clinicians and patients in the next few weeks. We thank the Agency for their collaboration and consideration and we are also immensely grateful to the pioneering scientists, clinicians and patients who believed in the promise of TAVNEOS and who have worked tirelessly to make it a reality, along with my dedicated and talented colleagues at ChemoCentryx.” (See ChemoCentryx stock chart on TipRanks)

See Insiders’ Hot Stocks on TipRanks >>

Recently, H.C. Wainwright analyst Edward White reiterated a Buy rating on the stock with a price target of $101, which implies upside potential of 163% from current levels.

The Wall Street community is cautiously optimistic about the stock with a Moderate Buy consensus rating based on 6 Buys, 1 Hold and 1 Sell. The average ChemoCentryx price target of $49.25 implies that the stock has upside potential of 28.2% from current levels. Shares have declined about 35% over the past year.