Stifel Starts ChemoCentryx (CCXI) at Buy

Stifel analyst Dae Gon Ha initiates coverage on ChemoCentryx (NASDAQ: CCXI) with a Buy rating and a price target of $93.00.

The analyst comments "We are positive on this story primarily because of avacopan's opportunity in ANCA-associated vasculitis (AAV). CCXI is at the cusp of becoming commercial-stage, and we think AAV offers an attractive long-term growth opportunity. Meanwhile, Ph.2 data in hidradenitis suppurativa (HS) and C3 glomerulopathy (C3G) have shown promise. However, we believe investors may remain on the sidelines pending clarity on pivotal study and regulatory discussions. As a result, we think the current valuation largely reflects the AAV opportunity alone, and as such, positive development from HS and C3G could present further upside. Lastly, although not included in our model, label expansion plans (avacopan) and new pillars of growth (CCX559) have the potential to continue the cadence of catalysts to keep investors excited."

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 $67.84 yesterday.

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