JPMorgan analyst Anupam Rama says ChemoCentryx (CCXI) should report before year-end initial data from the Phase 1b trial of CCX872 in pancreatic cancer. Prior data with competitor CCR2 inhibitor PF-04136309 from Pfizer (PFE) support proof-of-concept in the indication, Rama tells investors in a research note. Further, physician feedback indicates Chemocentyx's proposed benchmark for the program is appropriate, the analyst adds. Rama views ChemoCentryx as undervalued and under-followed and sees CCX872 as "relatively underappreciated." The analyst thinks the Phase 1b data could be an "upside lever" and reiterates an Overweight rating on ChemoCentryx with a $14 price target.