ChemoCentryx (NASDAQ:CCXI) stock is on the rise Friday as investors boost it higher in anticipation of one of its treatments getting approval from the U.S. Food and Drug Administration (FDA).
Here’s what potential investors in CCXI stock need to know about its movement on Friday.
- While there’s no recent news concerning approval for avacopan, investors are hoping the FDA will come to a decision soon.
- Avacopan is the company’s Antineutrophil Cytoplasmic Autoantibody-associated vasculitis.
- It’s already been through the Arthritis Advisory Committee overview where results were mostly split down the middle.
- While that’s far from a guarantee that the FDA will approve the drug, investors are still hopeful.
- Many of them are taking to Twitter (NYSE:TWTR) and other forms of social media, to spread the news about the stock.
- Clearly, some are expecting to see the price of CCXI soar if the FDA approves avacopan.
- That’s got other investors taking an interest in the stock as well and has resulted in heavy trading for CCXI today.
- As of this writing, more than 4 million shares of the stock have changed hands.
- To put that in perspective, the company’s daily average trading volume is closer to 2.7 million shares.
- While it is possible that CCXI could jump on avacopan approval, it’s still a major gamble.
- There’s also no denying that retail traders have been using social media to pump and dump stocks these last few months.
- Potential investors should keep these things in mind when considering CCXI stock for their portfolios.
CCXI stock was up 7% as of Friday morning but is down 79.1% since the start of the year.
There’s plenty of other stock market news today for investors to keep track of.
Fortunately for them, InvestorPlace is here to help with our coverage of the stock market. That includes the latest news concerning Chewy (NYSE:CHWY), Senseonics Holdings (NYSEMKT:SENS), and Biogen (NASDAQ:BIIB) shares. Check out that news at the links below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.