Here's Why ChemoCentryx Skyrocketed 278% Today
After management reported that its oral selective complement 5a receptor inhibitor, avacopan, successfully treated patients with anti-neutrophil cytoplasmic antibody-associated vasculitis (ANCA-associated vasculitis or ANCA vasculitis) in phase 3 studies, ChemoCentryx (NASDAQ: CCXI) shares jumped a blistering 278% on Tuesday at 3:30 pm EST.
There are about 40,000 people in the U.S. alone with ANCA-associated vasculitis (AAV), a group of small-vessel inflammatory diseases that can damage organs, including the kidney. And there's a big need for new treatment options given that the standard of care -- chronic steroids and an immunosuppressant (such as chemotherapy) -- can lead to toxicity and life-threatening infection, as well as degraded quality of life.
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Source Fool.com