- Stifel has reiterated a Buy rating and $85 price target on ChemoCentryx Inc (NASDAQ:CCXI) following the Q4 results.
- Analyst Dae Gon Ha says he is "perplexed" by the pronounced weakness on what he views as a positive-launch quarter.
- Ha tells investors in a research note that 127 patient start forms and 71% conversion rate strike is positive. In contrast, management's January 2022 commentary was perceived as cautious/negative by some $1 million in Q4 product sales beat consensus estimates.
- The analyst is more optimistic today on Tavneos' outlook, he adds.
- ChemoCentryx reported a Q4 EPS loss of $(0.58) which missed the analyst consensus estimate of $(0.50).
- The Company reported quarterly sales of $2.31 million, below the consensus estimate of $11.62 million, down 47% Y/Y.
- The Company held cash, cash equivalents of approximately $362.3 million. ChemoCentryx reported Tavneos US sales of $1.0 million.
- Price Action: CCXI shares are down 21.20% at $23.22 during the market session on the last check Wednesday.
