ChemoCentryx's stock dives after critique from the FDA about experimental treatment for rare autoimmune disease - (MarketWatch via NewsPoints Desk)

  • Shares of ChemoCentryx dropped nearly 45% on Tuesday after the FDA questioned the rationale behind some of the clinical data for its experimental autoimmune disease treatment avacopan, reported MarketWatch.

  • ChemoCentryx is seeking approval for avacopan to treat anti-neutrophil cytoplasmic auto-antibody-associated vasculitis, and the FDA questions were in briefing documents released in advance of an advisory committee meeting scheduled for Thursday.

  • SVB Leerink analyst Joseph Schwartz said the briefing documents are "surprisingly critical and suggest that CCXI has an uphill battle."

  • Meanwhile, Raymond James analyst Steven Seedhouse also described his surprise at the FDA's decision to question the investigational therapy's safety and efficacy, although he still expects a positive decision from the committee.

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