ChemoCentryx, Inc. (CCXI), a biopharmaceutical company specializing in developing new medications for inflammatory and autoimmune diseases and cancer, has reported stronger-than-expected results for the third quarter ended September 30, 2021.
Following the earnings, shares of the company appreciated 2.1% to close at $38.81 in the extended trading session on Tuesday.
Revenue & Earnings
Revenues during the quarter jumped to $17.7 million from $5.1 million in the same quarter last year. Moreover, the figure topped the consensus estimate of $13.48 million. Growth in Collaboration and License revenue from related party to $17.69 million from $5.03 million a year ago aided the overall growth in revenues.
The company reported a loss per share of $0.32, narrower than the loss of $0.35 per share reported in the year-ago quarter and the consensus estimate of a loss of $0.45 per share.
The company ended the quarter with a cash, cash equivalents and investments balance of $371.5 million.
The CEO of ChemoCentryx, Thomas J. Schall, said, “TAVNEOS is approved and now launched in the U.S. With these events, we have begun at last to achieve two of our most foundational aspirations: first, to improve the lives of patients’ who endure with severe disease, and second, to become an integrated biopharmaceutical company which has discovered, developed, and now markets a drug of its own creation. We hope too that the approval of TAVNEOS marks only the beginning of our promise to people living with major unmet medical needs.”
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Recently, Leerink Partners analyst Joseph Schwartz reiterated a Buy rating on the stock with a price target of $64, which implies upside potential of 68.3% from current levels.
Consensus among analysts is a Strong Buy based on 7 Buys and 1 Hold. The average ChemoCentryx price target of $65.33 implies upside potential of 71.8% from current levels. Shares have declined 34.4% over the past year.
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