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Benzinga
Benzinga
Technology
Vandana Singh

See Why Is Stifel Analyst 'Perplexed' After ChemoCentryx Q4 Earnings

ChemoCentryx Stifel CCXI
  • 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.
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