EU Approval of Tavneos Likely to Add Positive Tailwind to Shares of ChemoCentryx (CCXI) - Stifel

Stifel analyst Dae Gon Ha reiterated a Buy rating on ChemoCentryx (NASDAQ: CCXI), following a recently announced EU approval of Tavneos.

The analyst quotes: "Today's EU approval for Tavneos (ANCA-associated vasculitis [AAV]) was expected, but likely adds positive tailwind to a stock that - like many other in biotech - have undergone significant weakness this year (-16% YTD). Approval in the EU marks the third in AAV (following US and Japan) for the drug that could translate to royalties for CCXI once commercial launch occurs in 1H22, in addition to a milestone payment. With today's news, commercial launch becomes the near-to-medium term primary focus for investors, but our main interest will be on the launch prep and initial feedback on the process (i.e., 4Q + early 1Q22) at the next earnings update. We continue to believe in a blockbuster opportunity in AAV. Reiterate Buy. "

For an analyst ratings summary and ratings history on ChemoCentryx click here. For more ratings news on ChemoCentryx click here.

Shares of ChemoCentryx closed at $30.70 yesterday.

Written by Vlad Schepkov | [email protected]

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