ChemoCentryx shares tumble on mixed results for kidney disease drug
Sept 10 (Reuters) - ChemoCentryx Inc's experimental drug for treating diabetic kidney disease showed mixed results in a mid-stage trial with a higher dose being less effective than a lower one, sending the company's stock tumbling by as much as 27 percent.
The interim trial data showed that a 5 mg daily dose of the drug reduced the level of protein in the urine by 12 percent after two weeks, compared with an 8 percent reduction in patients on a 10 mg dose.
High protein levels in the urine are a sign of kidney damage.
"... Only the 5 mg dose reached statistical significance at week two and data were not significant at 12 weeks at either dose (5 mg or 10mg)," J.P. Morgan analyst analysts wrote in a note.
"Additionally, a clear dose response was not observed in the interim results," analysts Geoff Meacham, Michael Liz and Anupam Rama said, downgrading the stock to "neutral" from "overweight".
The analysts said the addressable patient population for the drug could be smaller than originally thought, and it may have to target a narrower patient population.
ChemoCentryx said the drug showed as much as a 33 percent reduction in urine protein levels in a subset of patients who showed signs of serious kidney damage.
Data from the full study are expected in the second half of 2014, the company said.
ChemoCentryx's shares were down 23 percent at $6.37 on the Nasdaq on Tuesday. The losses added to a 30 percent decline since late August, when GlaxoSmithKline Plc announced that a Crohn's disease drug it had licensed from ChemoCentryx had failed a late-stage clinical trial. (Reporting by Shailesh Kuber; Editing by Sreejiraj Eluvangal)