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CCXI

ChemoCentryx

07:02
06/06/19
06/06
07:02
06/06/19
07:02

ChemoCentryx price target lowered to $14 from $20 at Canaccord

Canaccord analyst Michelle Gilson lowered her price target on ChemoCentryx to $14 from $20 following the failure of IFX-1 failing to validate the C5a hypothesis in HS. The analyst believes AAV (associated vasculitis) remains a better indication than HS and is central to his buy thesis. Gilson maintained her Buy rating on ChemoCentryx shares.

CCXI ChemoCentryx

03/27/19
RILY
03/27/19
UPGRADE
Target $22
RILY
Buy
ChemoCentryx upgraded to Buy from Neutral at B. Riley FBR
B. Riley FBR analyst Harshita Polishetty upgraded ChemoCentryx to Buy from Neutral and raised her price target for the shares to $22 from $12.50.
05/06/19
PIPR
05/06/19
NO CHANGE
Target $20
PIPR
Overweight
ChemoCentryx has underappreciated blockbuster opportunity, says Piper Jaffray
After speaking with a dermatologist who practices at a major academic hospital about the lack of effective treatments for hidradenitis suppurativa, Piper Jaffray analyst Edward Tenthoff believes ChemoCentryx has an underappreciated blockbuster opportunity in oral avocapan. The doctor emphasized drugs of minimum benefit in hidradenitis suppurativa could be used immediately, Tenthoff tells investors in a research note. He thinks believe his global sales forecast of $597M for oral avocapan in 2025 could prove conservative. The analyst reiterates an Overweight rating on ChemoCentryx with a $20 price target.
06/05/19
PIPR
06/05/19
NO CHANGE
Target $17
PIPR
Overweight
Piper Jaffray cuts ChemoCentryx target to $17 after InflaRx failure
Piper Jaffray analyst Edward Tenthoff lowered his price target for ChemoCentryx (CCRX) to $17 from $20 after its competitor InflaRx (IFRX) reported negative Phase IIb data for C5a antibody IFX-1 to treat moderate-to-severe hidradenitis suppurativa. ChemoCentryx shares are down because the company has its own small molecule avacopan targeting C5a receptor in an ongoing Phase II hidradenitis suppurativa study with data in 2020, Tenthoff tells investors in a research note. The analyst says that while nuances exist between InflaRx's IFX-1 and ChemoCentryx's avocopan for receptor coverage and distribution, the lack of dose response in InflaRx's Phase II data raises concern over the relevancy of C5a in hidradenitis suppurativa. As a result, Tenthoff removed value for avacopan in hidradenitis suppurativa in his model but remains a buyer of ChemoCentryx shares for the Phase III Advocate avacopan data in ANCA-associated vasculitis in Q4 of this year. He keeps an Overweight rating on the shares, which are down 17% to $9.18 in afternoon trading.
06/05/19
06/05/19
DOWNGRADE

Market Perform
InflaRx downgraded to Market Perform on HS study results at Raymond James
As previously reported, Raymond James analyst Steven Seedhouse downgraded InflaRx (IFRX) to Market Perform from Outperform as it is now trading below cash and thereby baking in what he believes is an appropriate value, which is zero value for hidradenitis suppurativa and risk to all follow-on indications in the pipeline for IFX-1. The analyst acknowledges that HS may not be a viable indication for C5a pathway inhibition, which seems "quite clear from InflaRx's failed study." Seedhouse adds that there is "obvious negative read-through" to Chemocyntrx (CCXI), which is running a large Phase 2 randomized study in HS for avacopan. He expects that study to at a minimum fail or maybe even be stopped early given the complete lack of signal demonstrated by IFX-1.

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EFC

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EPRT

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FTSV

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NFLX

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NFLX

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NFLX

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IBM

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