Canaccord Genuity Initiates a Buy Rating on ChemoCentryx

In a report released yesterday, Michelle Gilson from Canaccord Genuity initiated coverage with a Buy rating on ChemoCentryx (NASDAQ: CCXI) and a price target of $17. The company’s shares closed yesterday at $11.43.

Gilson wrote:

“We are initiating coverage with a BUY on CCXI with a $17 price target. We view data from the two phase 2 studies evaluating avacopan (C5aR inhibitor) as supportive of ChemoCentryx’s ongoing ph.3 study in ANCA-associated vasculitis (AAV), boding well for the mid-2019 readout on non-inferiority. Mechanistically, C5a involvement in the pathophysiology of AAV is supported by both the preclinical literature and clinical data on patients with AAV, as well as the Ph.2 data for avacopan in AAV. We anticipate avacopan will be used as a steroid-sparing agent for a proportion of AAV patients that are at higher risk to experience the comorbidities associated with corticosteroid-use, and in patients that have relapsed or are at higher risk of relapse, given data demonstrating potentially quicker response to treatment vs. corticosteroid regimens.”

According to TipRanks.com, Gilson is ranked #522 out of 4800 analysts.

Currently, the analyst consensus on ChemoCentryx is Moderate Buy and the average price target is $18.50, representing a 61.9% upside.

In a report issued on May 2, H.C. Wainwright also initiated coverage with a Buy rating on the stock with a $20 price target.

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The company has a one-year high of $15.08 and a one-year low of $5.42. Currently, ChemoCentryx has an average volume of 285.5K.

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ChemoCentryx, Inc. is a biopharmaceutical company engages in the development and commercialization of medicines. It focuses on inflammatory disorders, autoimmune diseases, and cancer. Its drug candidates such as Avacopan and CCX140, selectively blocks a specific chemoattractant receptor, leaving the rest of the immune system intact.