VIDEO When the Trump administration came to power, one of the cornerstones of his plan was to cut regulation. One industry which has benefited dramatically from the scaling back of this regulation has been the biopharmaceutical business. With fewer restrictions on experimental drugs, biotech is having its day in the sun. One biotech enjoying a very nice run up lately is today’s Bull of the Day, ChemoCentryx ( CCXI - Free Report) . ChemoCentryx, Inc., a clinical-stage biopharmaceutical company, develops new medications for inflammatory and autoimmune diseases, and cancer in the United States. The company targets the chemokine and chemoattractant systems to discover, develop, and commercialize orally-administered therapies. Its lead drug candidate is Avacopan, an orally-administered complement inhibitor of the complement C5a receptor (C5aR), is in Phase III development for the treatment of anti-neutrophil cytoplasmic auto-antibody-associated vasculitis (AAV). The reason for the favorable Zacks Rank lies in future earnings estimate numbers. Analysts have adjusted their estimates to the upside for the current year and next year. Current year consensus has gone from a $1.18 loss up to a $1 loss. Often times, biotech companies working on new drugs have to take losses while their products go through research and development. Seeing estimates increase should help ease investor fears in the meantime. The stock has run up aggressively since trading down at $6 to start the year. A couple of very solid earnings reports in a row, along with earnings estimates moving to the upside have helped underpin a rally into the teens. Yesterday’s aggressive selling sank the stock, serving up a potential opportunity on the pullback.
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