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(Bloomberg) – Shares of ChemoCentryx Inc. have risen the most since November 2019 after the drug developer gained U.S. approval for Tavneos as a treatment for a rare autoimmune disease.
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The stock rose 89% on trading volume more than 2,000% above the three-month average. This added almost $ 800 million to a market value that is now around $ 2.2 billion.
Even with Friday’s rally, the stock is still down around 50% this year. ChemoCentryx fell a record 62% in May after receiving close support from an FDA advisory group in support of the benefit-risk profile of its drug candidate avacopan.
The company expects a regulatory decision for Tavneos in Europe by the end of the year following the review by the European Medicines Agency. The drug, for ANCA-associated vasculitis, was approved in Japan late last month.
The drug’s approval prompted Piper Sandler to overweight ChemoCentryx from neutral, with analyst Edward Tenthoff calling the news a “positive surprise.” The stock has seven buy quotes, one hold and one sell, and a 12-month average price target of $ 44, according to data compiled by Bloomberg.
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