ChemoCentryx Soars Most Since 2019 on Autoimmune Drug Approval

(Bloomberg) — ChemoCentryx Inc. shares surged the most since November 2019 after the drug developer won U.S. approval for Tavneos as a treatment for a rare autoimmune disorder.

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The stock soared as much as 89% on trading volume that was more than 2,000% higher than the three-month average. It’s added nearly $800 million to a market value that now sits around $2.2 billion.

Even with Friday’s rally, the stock is still down about 50% this year. ChemoCentryx tumbled by a record 62% in May after receiving narrow backing from an FDA advisory panel in support of the benefit-risk profile for its avacopan drug candidate.

The company expects a regulatory decision regarding Tavneos in Europe by the end of the year following the European Medicines Agency review. The drug, for ANCA-associated vasculitis, won approval in Japan late last month.