Why ChemoCentryx Stock Is Cratering Again Today

Shares of ChemoCentryx (NASDAQ: CCXI) were cratering by 58.3% as of 11:40 a.m. EDT on Friday. The stock also crashed on Tuesday after the U.S. Food and Drug Administration (FDA) released briefing documents for an advisory committee that expressed significant reservations about the company's data for avacopan. Today's huge decline came after that advisory committee's vote on recommending approval for the experimental therapy.

Based on the performance of the biotech stock today, you might have expected that the advisory committee overwhelmingly voted against recommending approval for avacopan. That wasn't the case, though. The committee voted 10-to-8 in favor of approval of the drug in treating anti-neutrophilic cytoplasmic autoantibody (ANCA)-vasculitis, a rare disease that causes small blood vessels to swell. 

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Source Fool.com