Is It Too Late to Buy ChemoCentryx Stock?
On July 7, biotech ChemoCentryx (NASDAQ: CCXI) will be undergoing an event that could make or break its stock price. Its flagship drug candidate, avacopan, an oral molecule under investigation for the treatment of antineutrophil cytoplasmic autoantibody (ANCA)-associated vasculitis, is awaiting a decision from the U.S. Food and Drug Administration (FDA) on whether it can enter the market. ANCA vasculitis is a group of autoimmune diseases that cause inflammation and damage to small blood vessels.
There is no cure for the condition. Treatments, or potential ones like avacopan, can only keep the disease under control. It is a pretty rare condition, with an estimated prevalence of 3.2 per million newborns.
Investors hoping for a quick path to approval were disappointed when a panel of FDA experts who met in May was divided on the drug's supposed benefits. As a result, the stock is down nearly 80% from its all-time highs -- and back to levels not seen since late 2019, when the phase 3 results were first announced. So what are the odds that avacopan can clear the regulatory hurdle?
Source Fool.com
