JMP Securities analyst Michael G. King says that the 22% plunge in ChemoCentryx's stock has created a buying opportunity. The analyst says that the company had a number of "positive clinical developments," including "patient enrollment progress in the company's Phase III ADVOCATE trial for avacopan in patients with ANCA-Associated Vasculitis , as well as planned launches for avacopan and CCX140 in complement C3 glomerulopathy and focal segmental glomerulosclerosis, respectively." The analyst expects the company's clinical program to create value, and he reiterates a $13 price target and an Outperform rating on the shares.