$CCXI RECOMMENDATION We are upgrading CCXI from Outperform to Strong Buy and raising our price target to $107 based on removal of our risk adjustment in ANCA vasculitis and upside on Tavneos price ($150-200K vs. our previously assumed $150K). Regulatory risk is removed and our conviction that avacopan (now Tavneos) will be a blockbuster if approved is unchanged now that it is in fact approved with a very favorable label (above Street expectations given no restriction on duration of use or subgroup). Label is virtually a best case outcome
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