CCXI stock is witnessing its biggest one-day gain after ChemoCentryx Inc (NASDAQ:CCXI) announced positive topline data from its pivotal Phase III ADVOCATE trial for avacopan.
Dream Run for CCXI Stock
When a pharmaceutical company announces a positive update with regards to any of its products in development, then the stock almost always moves up. That is what happened with CCXI stock on Monday after ChemoCentryx announced ‘transformational’ results from the study of a product that is supposed to treat acute vasculitis patients.
The company revealed that as many as 331 patients had been enrolled for the phase 3 study of its product, and the data showed that it had managed to meet both its primary endpoints. As everyone knows, meeting all endpoints is a significant achievement for a product in development. The first endpoint was remission in vasculitis by the 26th week of treatment, and the other looked at sustained remission at a better rate than the current treatment of the condition.
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After the news broke, CCXI stock skyrocketed by as much as 325% to $34.32 and now is the biggest gainer in the biotech sector. Moreover, the stock made an all-time high of $36.88 earlier in today’s trading session.
It goes without saying that this is a huge development for ChemoCentryx, and the market reaction to the news is another indicator of what it ultimately means for the company. The Chief Executive Officer and President of the company, Thomas J. Schall, said as much: “Today we mark the dawn of a new and historic period in the lives of ANCA vasculitis patients. This day we have for the first time demonstrated that a highly targeted therapy aimed at the very center of the ANCA disease process.”
CCXI stock is going to be in focus on Tuesday and for the rest of the week as investors ponder whether it is going to go up further.
Featured image: DepositPhotos © tomwang
