Stifel Upgrades ChemoCentryx (CCXI) to Buy on Amendment To Avacopan NDA

July 6, 2021 5:19 PM EDT
Get Alerts CCXI Hot Sheet
Price: $18.20 +1.28%

Rating Summary:
    9 Buy, 4 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 17 | Down: 5 | New: 36
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Stifel analyst Dae Gon Ha upgraded ChemoCentryx (NASDAQ: CCXI) from Hold to Buy with a price target of $31.00 (from $26.00).

The analyst commented, "Amendment to the avacopan NDA (ANCA-associated vasculitis [AAV]) comes as a positive surprise to us and we see a more favorable risk/reward heading into the new PDUFA date of October 7 (vs. July 7). Our caveat is that an amendment does not equate to guaranteed approval, but we think FDA's receptivity towards additional data/analyses in light of the unmet need and a standard of care (SoC) in need of innovation resurfaces the question on FDA's 'flexibility' when reviewing drug applications. Further, if history is any guide PDUFA extensions may portend a more positively inclined outcome by the FDA. While a complete response letter (CRL) is still formally possible by the PDUFA date, we are upgrading CCXI to Buy with TP $31 (vs. $26 previously)."

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 $13.18 yesterday.

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