The floor of New York Stock Exchange. Lucas Jackson/Reuters
ChemoCentryx stocks surged by 89% Friday, following FDA approval of its vasculitis drug.
ANCA vasculitis, a rare autoimmune condition that can cause organ failure or death, is known as "ANCA vasculitis".
Their loss for 2021 has been reduced by the ChemoCentryx share boom.
ChemoCentryx stocks nearly doubled after US Food and Drug Administration approved its medication to treat ANCA vasculitis. This is the first regulatory approval in a decade for a drug that treats this rare autoimmune disorder.
The shares soared up to 89% to $37, but then dropped to 68%. Volume was impressive at over 57 million shares traded, compared to 1.8 million shares that trade daily. Although the ChemoCentryx stock loss has decreased by half, it is still approximately 50% lower than its February highs.
Tavneos, a biopharmaceutical company that manufactures avacopan capsules, will market them under the brand name. It will treat adults with antineutrophil-cytoplasmic antibody vasculitides. These vasculitides can lead to death.
Systemic autoimmune disease activates more neutrophils, which is a type of white cell. This causes inflammation and eventually destroys small blood vessels.
Organ damage and/or failure can occur, with the kidney being the main target of ANCA-associated vaclitis.
A global phase 3 study that surveyed 330 patients across 20 countries supported FDA approval. ChemoCentryx stated that the study achieved its primary endpoints, which were disease remission after 26 weeks and sustained recovery at 52 weeks.