ChemoCentryx Inc. ( CCXI Quick Quote CCXI - Free Report) reported third-quarter 2020 loss of 35 cents per share, wider than the Zacks Consensus Estimate of a loss of 28 cents. The company had incurred a loss of 22 cents per share in the year-ago period.
It recorded revenues of $5.1 million,which missed the Zacks Consensus Estimate of $13 million anddeclined from $10.5 million in the year-ago quarter.
Shares of the company have surged 46.6% year to date against the
industry’s decline of 4.4%. Quarter in Detail
Collaboration and license revenues from related partieswere$5 million in the third quarter compared with $10.5 million in the year-ago quarter.
The company recorded Grant revenues of $.05 million during the quarter. There were no such revenues in the year-ago period.
Research & development (R&D) expenses were $18.6 million, 2.8% higher than the year-ago quarter, primarily due to professional fees associated with the preparation of the new drug application (NDA) submission for avacopan for the treatment of ANCA vasculitis.Higher research and drug discovery expenses, including those tied to the advancement of CCX559, which is the company’s orally administered checkpoint inhibitor, also resulted in increased R&D expenses.
General and administrative (G&A) expenses grew 70.5% to $10.4 million due to higher employee-related expenses, including those associated with the commercialization planning efforts, and higher professional fees.
The company had $485.8 million in cash, cash equivalents and investments as of Sep 30, 2020,compared with $202.2 million as of Dec31, 2019. The company expectsto end 2020 with cash and investments in excess of $460 million.
In September 2020, the FDA accepted for review the company’s NDA for avacopan in the treatment of ANCA-associated vasculitis and set Jul 7, 2021, as the target action date. The NDA included data from the global, phase III ADVOCATE trial.
Zacks Rank and Stocks to Consider ChemoCentryxcurrently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the biotech sector are
Avenue Therapeutics Inc. ( ATXI Quick Quote ATXI - Free Report) and BioLineRx Ltd. ( BLRX Quick Quote BLRX - Free Report) and Concert Pharmaceuticals Inc. ( CNCE Quick Quote CNCE - Free Report) . All stocks carry a Zacks Rank #2 (Buy). You can see . the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here
Avenue’s loss per share estimates have narrowed from 63 cents to 47 cents for 2020 and increased from a profit 16 cents to 23 cents for 2021 in the past 60 days. Shares of the company have decreased 68.6% year to date.
BioLineRx’sloss per share estimates have narrowed from $1.95 to $1.67 for 2020 and from $1.44 to $1.36 for 2021 in the past 60 days. Shares of the company have increased 1.3% year to date.
Concert’s loss per share estimates have narrowed from $2.68 to $2.65 for 2020 and from $2.71 to $2.68 for 2021 in the past 60 days. Shares of the company have decreased 11.3% year to date.
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