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ChemoCentryx (CCXI) Q4 Loss Wider Than Expected, Sales Miss

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ChemoCentryx Inc. (CCXI - Free Report) reported a fourth-quarter 2020 loss of 43 cents per share, wider than the Zacks Consensus Estimate of a loss of 32 cents. The company had incurred a loss of 26 cents per share in the year-ago period.

It recorded revenues of $4.3 million, which missed the Zacks Consensus Estimate of $9 million and decreased from $10 million in the year-ago quarter.

Shares of the company have surged 10.5% year to date compared with the industry’s growth of 3.3%.

Quarter in Detail

Collaboration and license revenues from related parties were $4.2 million in the fourth quarter compared with $9.9 million in the year-ago quarter.

The company recorded grant revenues of $0.01 million during the quarter.

Research & development (R&D) expenses were $21.2 million, up from $19.2 million in the year-ago quarter, primarily owing to professional fees associated with the preparation of the new drug application (NDA) submission for avacopan for the treatment of ANCA vasculitis.

We remind investors that the company’s avacopan (CCX168) successfully completed a pivotal phase III trial in ANCA-associated vasculitis and the NDA is under review by the FDA with a target action date of Jul 7, 2021.

Avacopan is also in late-stage clinical development for the treatment of severe hidradenitis suppurativa and C3 glomerulopathy (C3G).

General and administrative (G&A) expenses were $12.7 million, up from $7 million in the year-ago quarter.

The company had $460.4 million in cash, cash equivalents and investments as of Dec 31, 2020. The company expects to utilize cash, cash equivalents and investments of $145-$155 million in 2021.

2020 Results

Revenues in 2020 came in at $64.9 million, up from $36.1 million in 2019. Loss per share narrowed to 84 cents per share as compared to 98 cents in 2019.

Pipeline Updates

In November 2020. The marketing authorization application for avacopan for the treatment of ANCA-associated vasculitis was validated by the European Medicines Agency (EMA). The company remains on track to initiate the phase I clinical development of its orally-administered checkpoint inhibitor, CCX559, for cancer in the first half of 2021 and a clinical study of avacopan in lupus nephritis in the third quarter of 2021.

Zacks Rank and Stocks to Consider

ChemoCentryx currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the healthcare space include Zoetis, Inc. (ZTS - Free Report) , Radius Health (RDUS - Free Report) and Cassava Sciences, Inc. (SAVA - Free Report) . All three stocks carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Zoetis’ earnings per share estimates have moved up from $4.21 to $4.40 for 2021 in the past 60 days.

Radius’ loss per share estimates have narrowed to $0.94 from $1.65 for 2021 in the past 90 days.

Cassava’s earnings per share estimates have moved up from 35 cents to $1.02 for 2021 in the past 90 days.

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Zoetis Inc. (ZTS) - free report >>

ChemoCentryx, Inc. (CCXI) - free report >>

Radius Health, Inc. (RDUS) - free report >>

Cassava Sciences, Inc. (SAVA) - free report >>