Churchill Capital XI (CCXI)
Market Price (6/1/2026): $10.23 | Market Cap: $569.8 MilSector: Financials | Industry: Multi-Sector Holdings
Churchill Capital XI (CCXI)
Market Price (6/1/2026): $10.23Market Cap: $569.8 MilSector: FinancialsIndustry: Multi-Sector Holdings
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Low stock price volatilityVol 12M is 4.8% | Trading close to highsDist 52W High is -0.7%, Dist 3Y High is -0.7% Weak multi-year price returns2Y Excs Rtn is -44%, 3Y Excs Rtn is -83% | Key risksCCXI key risks include [1] the uncertainty and potential underperformance of its eventual, Show more. |
| Low stock price volatilityVol 12M is 4.8% |
| Trading close to highsDist 52W High is -0.7%, Dist 3Y High is -0.7% |
| Weak multi-year price returns2Y Excs Rtn is -44%, 3Y Excs Rtn is -83% |
| Key risksCCXI key risks include [1] the uncertainty and potential underperformance of its eventual, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Churchill Capital XI (CCXI) stock has remained largely at the same level since 2/28/2026 because of the following key factors:
1. As a Special Purpose Acquisition Company (SPAC), Churchill Capital XI (CCXI) lacks inherent operational earnings or revenue, causing its stock to trade primarily based on the cash held in its trust account rather than fundamental business performance.
2. The stock price has remained anchored near its initial offering price, supported by the approximately $10.01 per public share held in the $414 million trust account as of December 31, 2025.
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Stock Movement Drivers
Fundamental Drivers
The 0.6% change in CCXI stock from 2/28/2026 to 5/31/2026 was primarily driven by a 0.0% change in the company's P/E Multiple.| (LTM values as of) | 2282026 | 5312026 | Change |
|---|---|---|---|
| Stock Price ($) | 10.16 | 10.22 | 0.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | � | � | 0.0% |
| Net Income Margin (%) | � | � | 0.0% |
| P/E Multiple | � | � | 0.0% |
| Shares Outstanding (Mil) | 46 | 56 | -16.5% |
| Cumulative Contribution | 0.0% |
Market Drivers
2/28/2026 to 5/31/2026| Return | Correlation | |
|---|---|---|
| CCXI | 0.6% | |
| Market (SPY) | 10.6% | -6.9% |
| Sector (XLF) | 0.8% | -1.7% |
Fundamental Drivers
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Market Drivers
11/30/2025 to 5/31/2026| Return | Correlation | |
|---|---|---|
| CCXI | ||
| Market (SPY) | 11.3% | -7.5% |
| Sector (XLF) | -2.4% | 6.5% |
Fundamental Drivers
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Market Drivers
5/31/2025 to 5/31/2026| Return | Correlation | |
|---|---|---|
| CCXI | ||
| Market (SPY) | 29.8% | -7.5% |
| Sector (XLF) | 2.8% | 6.5% |
Fundamental Drivers
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Market Drivers
5/31/2023 to 5/31/2026| Return | Correlation | |
|---|---|---|
| CCXI | ||
| Market (SPY) | 88.1% | -7.5% |
| Sector (XLF) | 70.5% | 6.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CCXI Return | - | - | - | - | - | -0% | -0% |
| Peers Return | 79% | -36% | -49% | 1% | -24% | 232% | 50% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 101% |
Monthly Win Rates [3] | |||||||
| CCXI Win Rate | - | - | - | - | - | 25% | |
| Peers Win Rate | 50% | 25% | 33% | 42% | 17% | 33% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 60% | |
Max Drawdowns [4] | |||||||
| CCXI Max Drawdown | - | - | - | - | - | - | |
| Peers Max Drawdown | -31% | -41% | -60% | -44% | -45% | -1% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: BEBE, AACO, ACAA, AEAQ, ARCI.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/29/2026 (YTD)
How Low Can It Go
CCXI has limited trading history. Below is the Financials sector ETF (XLF) in its place.
| Event | XLF | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -15.5% | -18.8% |
| % Gain to Breakeven | 18.4% | 23.1% |
| Time to Breakeven | 80 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -10.7% | -9.5% |
| % Gain to Breakeven | 12.0% | 10.5% |
| Time to Breakeven | 26 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -16.1% | -6.7% |
| % Gain to Breakeven | 19.1% | 7.1% |
| Time to Breakeven | 270 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -22.3% | -24.5% |
| % Gain to Breakeven | 28.6% | 32.4% |
| Time to Breakeven | 467 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -42.8% | -33.7% |
| % Gain to Breakeven | 74.8% | 50.9% |
| Time to Breakeven | 289 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -19.7% | -19.2% |
| % Gain to Breakeven | 24.5% | 23.8% |
| Time to Breakeven | 123 days | 105 days |
In The Past
State Street Financial Select Sector SPDR ETF's stock fell -15.5% during the 2025 US Tariff Shock. Such a loss loss requires a 18.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
CCXI has limited trading history. Below is the Financials sector ETF (XLF) in its place.
| Event | XLF | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -22.3% | -24.5% |
| % Gain to Breakeven | 28.6% | 32.4% |
| Time to Breakeven | 467 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -42.8% | -33.7% |
| % Gain to Breakeven | 74.8% | 50.9% |
| Time to Breakeven | 289 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -21.4% | -12.2% |
| % Gain to Breakeven | 27.3% | 13.9% |
| Time to Breakeven | 272 days | 62 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -26.1% | -17.9% |
| % Gain to Breakeven | 35.3% | 21.8% |
| Time to Breakeven | 162 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -78.3% | -53.4% |
| % Gain to Breakeven | 359.8% | 114.4% |
| Time to Breakeven | 2329 days | 1085 days |
In The Past
State Street Financial Select Sector SPDR ETF's stock fell -15.5% during the 2025 US Tariff Shock. Such a loss loss requires a 18.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Churchill Capital XI (CCXI)
AI Analysis | Feedback
Here are a few brief analogies for the company described (ChemoCentryx, historically associated with CCXI):
- Like a specialized version of AbbVie or Amgen, focused on developing breakthrough drugs for severe inflammatory and autoimmune diseases.
- Think of them like a Vertex Pharmaceuticals, but instead of cystic fibrosis, their main expertise is in developing innovative treatments for a range of inflammatory and autoimmune disorders.
AI Analysis | Feedback
- TAVNEOS (avacopan): An orally administered selective C5aR inhibitor for treating severe active anti-neutrophil cytoplasmic autoantibody-associated vasculitis, also in development for other inflammatory conditions.
- CCX559: An orally administered inhibitor for programmed death protein 1/programmed death-ligand 1, developed for various cancers.
- CCX507: An orally administered inhibitor of the chemokine receptor CCR9, which has completed Phase I clinical trial for inflammatory bowel disease.
- Early-stage drug candidates: These include drug candidates designed to target Th17 driven diseases and the CCR6 receptor.
AI Analysis | Feedback
The company described in the background information, ChemoCentryx, Inc., is a biopharmaceutical company that develops and commercializes medications.
Biopharmaceutical companies typically sell their products to other businesses within the healthcare supply chain, rather than directly to individual patients. Therefore, ChemoCentryx, Inc. sells primarily to other companies.
The major categories of customer companies would include:
- Pharmaceutical Wholesalers and Distributors: Companies that purchase drugs in bulk from manufacturers and then distribute them to pharmacies, hospitals, and clinics (e.g., McKesson, AmerisourceBergen, Cardinal Health – specific names not mentioned in the background).
- Hospitals and Hospital Systems: Healthcare institutions that purchase medications for direct administration or dispensing to their patients.
- Specialty Pharmacies: Pharmacies that specialize in dispensing complex or high-cost medications, often requiring specialized handling or patient support.
- Managed Care Organizations and Government Purchasing Programs: Entities that manage healthcare benefits and may negotiate directly with pharmaceutical companies for formulary inclusion and bulk purchasing.
The provided description does not list specific customer companies by name or symbol.
AI Analysis | Feedback
Major suppliers for ChemoCentryx, Inc. (traded as CCXI) include:
- Lonza Sales AG (subsidiary of Lonza Group AG, symbol: SIX: LONN)
- Catalent Pharma Solutions LLC (subsidiary of Catalent, Inc., symbol: NYSE: CTLT)
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Thomas J. Schall, Chairman, President & Chief Executive Officer
Dr. Thomas J. Schall is the founder of the company and served as its President, Chief Executive Officer, and Director since its inception in 1997, also being appointed Chairman of the Board in April 2012. Prior to founding the company, he worked at the DNAX Research Institute, a division of Schering-Plough Corporation, from 1993 to 1997, and was a scientist with Genentech, Inc. before that. He participated in early discoveries of chemokine system function and activities, with his laboratories responsible for the discovery or co-discovery of many known chemokine receptors. The company he founded and led was acquired by Amgen in 2022. Dr. Schall received his B.S. in biology from Northern Illinois University and his Ph.D. in cancer biology from Stanford University.
Susan M. Kanaya, Executive Vice President, Chief Financial and Administrative Officer and Secretary
Ms. Susan M. Kanaya served as the Chief Financial Officer and Senior Vice President of Finance from January 2006 to October 2016, and as Executive Vice President, Chief Financial & Administrative Officer and Secretary since October 2016 and February 2006 respectively. Before joining the company, she was Senior Vice President, Finance of Kosan Biosciences Inc. The company where she served as CFO was acquired by Amgen in 2022.
Markus J. Cappel, Chief Business Officer and Treasurer
Dr. Markus J. Cappel has been the Chief Business Officer since February 2007 and Treasurer since August 2004. He previously held roles as Senior Vice President of Corporate & Business Development and Vice President of Business Development. He also served as Vice President of Business Development at Alkermes Inc. Dr. Cappel holds a Ph.D. in Pharmaceutics and an MBA from Harvard Business School.
Tunde Otulana, M.D., Chief Medical Officer
Dr. Tunde Otulana was the Chief Medical Officer for the company.
Tausif Butt, Executive Vice President, Chief Operating Officer
Mr. Tausif Butt served as the Executive Vice President, Chief Operating Officer.
AI Analysis | Feedback
## Key Risks to ChemoCentryx, Inc. (CCXI) The primary risks for ChemoCentryx, Inc., a biopharmaceutical company focused on developing and commercializing new medications, revolve around the inherent uncertainties of drug development and market acceptance. 1. **Clinical Trial and Regulatory Approval Risk:** A significant portion of ChemoCentryx's value is tied to the successful development and regulatory approval of its pipeline products. For example, while TAVNEOS is approved for ANCA-associated vasculitis, its development for new indications like severe hidradenitis suppurativa, complement 3 glomerulopathy, and lupus nephritis, along with other candidates like CCX559 and CCX507, faces substantial hurdles. Failure in any stage of clinical trials or an inability to secure regulatory approval would severely impact the company's future revenue streams and overall viability. Historically, the FDA raised concerns about the trial design, safety, and data interpretability of avacopan (TAVNEOS) ahead of its initial approval, leading to a significant drop in the company's stock price. Even after approval, there have been ongoing concerns, with the FDA requesting Amgen (which acquired ChemoCentryx in 2022) to voluntarily withdraw TAVNEOS due to concerns about the re-adjudication of trial results and hepatotoxicity, though Amgen has stated it has no plans to pull the drug. 2. **Commercialization and Market Adoption Risk for TAVNEOS:** TAVNEOS (avacopan) is currently ChemoCentryx's primary commercialized product. The company's financial performance is heavily dependent on the sustained market acceptance and commercial success of TAVNEOS for its approved indication and its ability to gain traction in potential future indications. The drug initially received a narrower label than ChemoCentryx had planned. Challenges such as competition from existing or new therapies, issues with market access and reimbursement, or a lack of widespread prescriber adoption could significantly hinder revenue growth. 3. **Intellectual Property and Litigation Risk:** As a biopharmaceutical company, ChemoCentryx's ability to protect its intellectual property, particularly patents for TAVNEOS and other drug candidates, is critical. The biopharmaceutical industry is highly competitive, and any challenges to its patents, or the emergence of competing drugs, could erode market share and profitability. Furthermore, ChemoCentryx has faced securities fraud class action lawsuits alleging that the company misled investors regarding the safety, efficacy, and FDA application for avacopan, highlighting the litigation risks associated with drug development and public disclosures.AI Analysis | Feedback
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Capital Allocation Decisions for ChemoCentryx, Inc. (CCXI)
Share Issuance
- The number of outstanding shares for ChemoCentryx increased from 69.25 million in 2020 to 70.11 million in 2021, and to 71.234 million by June 2022.
- Issuance of common stock occurred under equity incentive plans, with 148,865 shares issued in the period ending June 30, 2021.
Inbound Investments
- Amgen acquired ChemoCentryx for approximately $3.7 billion in cash ($52 per share) in a deal that closed in October 2022.
- ChemoCentryx received a $45 million milestone payment from Vifor Pharma in the first quarter of 2022, following the European Union approval of TAVNEOS.
Capital Expenditures
- Research and development expenses for ChemoCentryx were $83.0 million for the full year 2021, an increase from $77.9 million in 2020.
- The increase in R&D expenses in 2021 was primarily driven by the manufacture of commercial drug supply for TAVNEOS (avacopan) and higher research and drug discovery expenses, including those for CCX559.
- Selling, general and administrative expenses also increased significantly, from $42.2 million in 2020 to $78.9 million in 2021, mainly due to commercialization planning and the launch of TAVNEOS in the U.S.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| ARTICLES | ||
| Down 30% In A Month, Is There More Pain For ChemoCentryx Stock? | 01/31/2022 | |
| What’s Next For ChemoCentryx Stock After Over A 100% Rise In A Month? | 10/20/2021 |
| Title | |
|---|---|
| DASHBOARDS |
Trade Ideas
Select ideas related to CCXI.
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|---|---|---|---|---|---|---|---|
| 04302026 | EEFT | Euronet Worldwide | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 04242026 | HOMB | Home BancShares | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 1.5% | 1.5% | 0.0% |
| 03312026 | HBAN | Huntington Bancshares | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 7.1% | 7.1% | 0.0% |
| 03312026 | NP | Neptune Insurance | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 3.9% | 3.9% | 0.0% |
| 03272026 | JKHY | Jack Henry & Associates | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 0.3% | 0.3% | -4.0% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 9.99 |
| Mkt Cap | 0.4 |
| Rev LTM | - |
| Op Inc LTM | - |
| FCF LTM | - |
| FCF 3Y Avg | - |
| CFO LTM | - |
| CFO 3Y Avg | - |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | - |
| Rev Chg 3Y Avg | - |
| Rev Chg Q | - |
| QoQ Delta Rev Chg LTM | - |
| Op Inc Chg LTM | - |
| Op Inc Chg 3Y Avg | - |
| Op Mgn LTM | - |
| Op Mgn 3Y Avg | - |
| QoQ Delta Op Mgn LTM | - |
| CFO/Rev LTM | - |
| CFO/Rev 3Y Avg | - |
| FCF/Rev LTM | - |
| FCF/Rev 3Y Avg | - |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 0.4 |
| P/S | - |
| P/Op Inc | - |
| P/EBIT | - |
| P/E | - |
| P/CFO | - |
| Total Yield | - |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | - |
| D/E | 0.0 |
| Net D/E | -0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 0.4% |
| 3M Rtn | 0.6% |
| 6M Rtn | -0.4% |
| 12M Rtn | -0.4% |
| 3Y Rtn | -0.4% |
| 1M Excs Rtn | -5.8% |
| 3M Excs Rtn | -9.6% |
| 6M Excs Rtn | -12.4% |
| 12M Excs Rtn | -29.1% |
| 3Y Excs Rtn | -83.2% |
Earnings Returns History
Updated N/A/N/A/N/A| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
Industry Resources
| Financials Resources |
| Federal Reserve Economic Data |
| Federal Reserve |
| FDIC Data |
| American Banker |
| The Banker |
| Banking Technology |
| Multi-Sector Holdings Resources |
| McKinsey & Company Insights |
| Harvard Business Review |
| ValueWalk |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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