Why ChemoCentryx Stock Skyrocketed Today

Shares of ChemoCentryx (NASDAQ: CCXI) soared 96% on Friday after the biopharmaceutical company received Food and Drug Administration approval for its treatment for a rare autoimmune disease.  

ChemoCentryx's orally administered drug, avacopan, will be sold under the brand name Tavneos. It's designed to help treat ANCA-associated vasculitis, a condition in which an overreaction in the immune system leads to inflammation and destruction of small blood vessels that can result in fatal organ failure.

"Today is a momentous day in the history of ChemoCentryx; the culmination of decades of effort aimed at offering new hope to patients with this and other debilitating and deadly diseases," CEO Thomas Schall said in a press release.

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Source Fool.com