Piper Jaffray analyst Edward Tenthoff raised his price target for ChemoCentryx to $54 from $17 after the company announced positive Phase III Advocate data on avacopan in ANCA-associated vasculitis. The stock in premarket trading is up 312%, or $25.14, to $33.20. The trial met both primary endpoints of non-inferior Birmingham Vasculitis Activity Score remission compared to steroids at 26 and 52 weeks, Tenthoff tells investors in a research note. Based on these results, he believes avacopan could replace steroids in standard-of-care treatment of ANCA-associated vasculitis and potentially more broadly. He reiterates an Overweight rating on ChemoCentryx shares.