CCXI - ChemoCentryx surges 15% despite top and bottom lines quarterly misses

Shares of ChemoCentryx (NASDAQ:CCXI) are trading 15% higher on Friday despite Q1 2022 results released after the closing bell Thursday that missed on the top and bottom lines. Today's upside could be because net sales of ~$5.4M in the quarter were five times higher compared to Q4 2021 (The company did not record any sales in the year-ago period.) Tavneos (avacopan), the company's sole marketed product, is an adjunctive treatment for with severe active anti-neutrophil cytoplasmic autoantibody (ANCA)-associated vasculitis. Net loss in the quarter widened 30% to $38.6M (-$0.55 per basic and diluted share) compared to Q1 2021. Revenue of $5.5M, a 47% year-over-year decline, was due a major loss in collaboration and license revenue. The company ended the quarter with ~$371.8M in cash. Following the earnings release, Raymond James analyst Steven Seedhouse maintained his strong buy rating but lowered his price target to $106 from $110 (~578% upside based on Thursday's close).

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ChemoCentryx surges 15% despite top and bottom lines quarterly misses