ChemoCentryx (CCXI) Stock Gains Momentum After 5-Month Stagnation Due To Reception FDA Approval for TAVNEOS

ChemoCentryx is a biopharmaceutical company, which specializes in the development and commercialization of new drugs for inflammatory and autoimmune diseases, and cancer in the United States.

Over the past 5 months, there have been no major changes in the CCXI price, or rather, it didn’t exceed the $ 20 mark. Nevertheless, on October 8, the worth soared 96% from $19.59 to $38.38. This is 43% less than the highest level in February at $ 67.84. This happened due to the latest news.

According to the company, its oral selective complement receptor 5a inhibitor, TAVNEOS, has received Food and Drug Administration’s approval. TAVNEOS has been approved as an adjunctive treatment of adult patients with severe antineutrophilic cytoplasmic autoantibody-associated vasculitis and microscopic polyangiitis, the two main forms of ANCA vasculitis.

It is the first FDA-approved orally complementary C5a receptor inhibitor. Additionally, Wainwright analyst Edward White confirmed a Buy rating on the stock with a target price of $ 101, which assumes 163% upside from current levels.