Why ChemoCentryx Shares Are Popping Off

ChemoCentryx Inc CCXI shares are trading higher by 21.45% at $19.00 after the company reported first-quarter results.

ChemoCentryx reported quarterly losses of 55 cents per share which missed the analyst consensus estimate of a loss of 30 cents. The company also reported quarterly sales of $5.46 million which missed the analyst consensus estimate of $22.04 million.

Raymond James analyst Steven Seedhouse maintained ChemoCentryx Friday morning with a Strong Buy and lowered the price target from $110 to $106.

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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.

According to data from Benzinga Pro, ChemoCentryx has a 52-week high of $42.16 and a 52-week low of $9.53.