ChemoCentryx Inc. continued to trade higher from Friday's gains after the U.S. Food and Drug Administration approved Tavneos.
Shares were recently up 2.5% to $39.35 Monday morning and earlier in the morning traded as high as $42.16. Shares rose sharply Friday after the FDA approved Tavneos, or avacopan as an adjunctive treatment of adult patients with severe active anti-neutrophil cytoplasmic autoantibody-associated vasculitis. ANCA-associated vasculitis is a systemic autoimmune disease which leads to inflammation and eventual destruction of small blood vessels. This results in organ damage and failure, with the kidney as the major target.
"The approval of Tavneos in AAV removes a significant overhang on CCXI shares. Ultimately, with no material clinical catalysts near-term, ChemoCentryx has essentially transitioned to a Tavneos launch story," J.P. Morgan said in an analyst note.
JPM upgraded shares to Neutral from Underweight after the approval of Tavneos and boosted its December 2022 price target to $38 from $14.
Raymond James upgraded shares to Strong Buy from Outperform and raised its price target to $107 from $62.
"Regulatory risk is removed and our conviction that avacopan (now Tavneos) will be a blockbuster if approved is unchanged now that it is in fact approved with a very favorable label" above Wall Street expectations given no restriction on duration of use or subgroup, Raymond James said in an analyst note.
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