Why ChemoCentryx Shares Are Plunging Today

ChemoCentryx CCXI shares are trading lower following a vote from the FDA panel on whether the efficacy data support approval on its Avacopan in ANCA-Associated vasculitis.

The vote on whether the FDA should approve the drug was preceded by a split vote of 9 to 9 on whether the efficacy data support approval, and 10 to 8 that the safety profile of avacopan is adequate to support approval.

ChemoCentryx is a biopharmaceutical company involved in the discovery, development, and commercialization of orally administered drugs to treat rare diseases, inflammatory disorders, autoimmune diseases, and cancer.

ChemoCentryx shares were trading 60.7% lower at $10.82 per share on Friday. The company set a new 52-week high of $70.29 and has a 52-week low of $9.55.