ChemoCentryx estimates unchanged after CMA withdrawal at H.C. Wainwright

ChemoCentryx and the Vifor Pharma Group this morning announced their decision to withdrawal the Conditional Marketing Authorization application for avacopan for the treatment of ANCA-associated vasculitis. H.C. Wainwright analyst Edward White viewed the possible CMA approval as a potential upside for shares of ChemoCentryx but did not incorporate it into his models. He continues to anticipate a New Drug Applicaton filing with the FDA in the first half of 2020 and projects revenues of $72M for avacopan in AAV in 2021, growing to $1.4B in 2028. As such, White is making no changes to his estimates or $20 price target following the news and keeps a Buy rating on ChemoCentryx. The stock in morning trading is down 28c to $11.48.
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