- Chemocentryx released 12-week phase 2 data on its diabetic kidney disease drug CCX140 last year, and they were underwhelming. 52-week data are due next quarter.
- Nevertheless, the results were positive for a subgroup that Chemocentryx is being a bit coy about.
- It is probable, judging by words of management, that this subgroup consists of diabetics with a high level of albuminuria, a main symptom of kidney disease.
- Given the depressed expectations, any positive results with this subgroup could push the stock higher, creating a tradable opportunity in the coming quarter.