ChemoCentryx's valuation reaches nearly $1.8 billion after vasculitis readout

ChemoCentryx became the latest biotech to post a triple-digit percentage gain based on a clinical readout, adding more than $1.3 billion in market cap after its avacopan showed statistical superiority to standard-of-care therapy in a Phase III trial to treat a rare form of vasculitis.

ChemoCentryx Inc. (NASDAQ:CCXI) climbed $22.67 (281%) to $30.73 Tuesday, reaching an intraday high of $36.88--more than double the shares' all-time high in 2012, and twice their more recent peak just above $15 in March 2018. The company had bottomed out at $6.16 as recently as Aug. 6...