UPDATE: Stifel Nicolaus Reiterates Buy Rating, Raises PT on ChemoCentryx Following R&D Day

In a report published Monday, Stifel Nicolaus analyst Brian Klein reiterated a Buy rating on ChemoCentryx

, and raised the price target from $16.00 to $20.00. In the report, Klein noted, “Friday's R&D Day reviewed the pipeline and upcoming catalysts, most importantly, in our opinion, data read-out from Vercirnon's Phase 3 SHIELD-1 trial, along with top-line 12-week data from the company's 52-week Phase 2 trial for CCX140, to treat chronic kidney disease, in 3Q13; we encourage investors to buy the stock ahead of 2H13 events, which we continue to believe will add value to the stock's current valuation.” ChemoCentryx closed on Friday at $13.61.