Why ChemoCentryx Stock Plunged 79% in May
Shares of ChemoCentryx (NASDAQ: CCXI) suffered an ugly 79% plunge in May, according to data provided by S&P Global Market Intelligence, after a Food and Drug Administration advisory committee offered up a split opinion on the efficacy of avacopan, the biotech's treatment for antineutrophil cytoplasmic autoantibody (ANCA)-associated vasculitis (AAV).
The panel generally leaned in favor of the treatment, voting 10-8 in support of avacopan's safety profile and its benefit-risk profile in treating adult AAV patients, but it split 9-9 on whether the efficacy data supported approving avacopan for treating them.
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Source Fool.com