UPDATE: Stifel Downgrades ChemoCentryx (CCXI) to Hold

Stifel analyst Dae Gon Ha downgraded ChemoCentryx (NASDAQ: CCXI) from Buy to Hold with a price target of $26.00 (from $93.00).

THe analyst comments "We are downgrading CCXI to Hold (from Buy) with a reduced TP $26 (from $93 previously) following a lackluster advisory committee (AdCom) support. Our diligence on avacopan in ANCA-associated vasculitis (AAV) had indicated a high unmet need, favorable clinical data, with a potentially broad label in an attractive market. And despite what we viewed as excessively cautious tone in the briefing docs we thought input from the panelists could renew our confidence - and odds of approval - in avacopan and our core thesis in CCXI. With generally split voting results between members, we see a greater risk heading into FDA's decision (July 7). We were wrong, and we are now moving to the sidelines."

For an analyst ratings summary and ratings history on ChemoCentryx click here. For more ratings news on ChemoCentryx click here.

Shares of ChemoCentryx closed at $27.49 yesterday.

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