Chemocentryx (CCXI) a small-cap bio with a large bullish trade on 2/28 as 2,000 May $30 puts were sold to open for $4.20, a more than $900K trade into earnings tonight after the close. CCXI has little other notable open interest but did see 1,000 January $70 calls sold to open in January. Shares rallied in October after a regulatory update and now flagging in a weekly channel that targets a run back to $40+.  The $2B biotech trades 59.5X sales and 7.5X cash and short interest is near 8%. CCXI had a pivotal – albeit surprising to some — approval in late 2021 for Tavneos as an adjunctive treatment of adult patients with severe active anti-neutrophil cytoplasmic autoantibody-associated vasculitis. Tavneos is now the first approved oral C5a receptor inhibitor for AAV and some estimates see as high as $80M in sales worldwide in 2022. The drug has been shown to increase remission rates and improve kidney function in people with ANCA vasculitis while limiting the toxicity that typically comes with steroids (the current SoC). Raymond James with a $110 PT in November noting that they believe avacopan is a blockbuster and potential pipeline in a drug. The firm noted in October that drug was approved with a very favorable label that came in above Street expectations given no restriction on duration of use or subgroup. JP Morgan upgrading to Neutral in October as they think approval removes a significant overhang on the shares and sees the product label as allowing for physician flexibility on use of Tanveos. The firm would get more constructive on ChemoCentryx shares on better-than-expected launch metrics for Tanveos in 2022. In May 2021, a director bought $120K in stock at $11. Hedge fund ownership rose 115% last quarter with notable buys from Baker Bros, Perceptive, and Cormorant.