Churchill Capital XI (CCXI)
Market Price (3/30/2026): $10.17 | Market Cap: $472.9 MilSector: Financials | Industry: Multi-Sector Holdings
Churchill Capital XI (CCXI)
Market Price (3/30/2026): $10.17Market Cap: $472.9 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 5.0% | Trading close to highsDist 52W High is -1.2%, Dist 3Y High is -1.2% | Key risksCCXI key risks include [1] the uncertainty and potential underperformance of its eventual, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -23%, 3Y Excs Rtn is -63% |
| Low stock price volatilityVol 12M is 5.0% |
| Trading close to highsDist 52W High is -1.2%, Dist 3Y High is -1.2% |
| Weak multi-year price returns2Y Excs Rtn is -23%, 3Y Excs Rtn is -63% |
| Key risksCCXI key risks include [1] the uncertainty and potential underperformance of its eventual, Show more. |
Qualitative Assessment
AI Analysis | Feedback
1. Status as a Pre-Deal SPAC and Trading Near Trust Value: Churchill Capital XI (CCXI) is a Special Purpose Acquisition Company (SPAC) that completed its initial public offering (IPO) in December 2025 at $10.00 per unit. As a "pre-deal" SPAC, its Class A ordinary shares, which began trading separately on February 9, 2026, typically trade closely to the cash held in its trust account (Net Asset Value or NAV), which was initially $10.00 per unit. The stock has traded narrowly between $10.16 and $10.17 as of March 1, 2026, reflecting this characteristic.
2. Absence of a Definitive Business Combination: The primary catalyst for significant stock movement in a SPAC is the announcement of a definitive merger agreement with a target company. As of March 1, 2026, Churchill Capital XI has not yet identified or announced a business combination, meaning it currently has no operational revenue or earnings. This lack of a specific de-SPAC transaction keeps the share price anchored near its trust value, as investors await details of a potential merger.
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Stock Movement Drivers
Fundamental Drivers
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Market Drivers
11/30/2025 to 3/29/2026| Return | Correlation | |
|---|---|---|
| CCXI | ||
| Market (SPY) | -5.3% | -20.3% |
| Sector (XLF) | -10.0% | 11.1% |
Fundamental Drivers
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Market Drivers
8/31/2025 to 3/29/2026| Return | Correlation | |
|---|---|---|
| CCXI | ||
| Market (SPY) | 0.6% | -20.3% |
| Sector (XLF) | -10.8% | 11.1% |
Fundamental Drivers
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Market Drivers
2/28/2025 to 3/29/2026| Return | Correlation | |
|---|---|---|
| CCXI | ||
| Market (SPY) | 9.8% | -20.3% |
| Sector (XLF) | -7.1% | 11.1% |
Fundamental Drivers
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Market Drivers
2/28/2023 to 3/29/2026| Return | Correlation | |
|---|---|---|
| CCXI | ||
| Market (SPY) | 69.4% | -20.3% |
| Sector (XLF) | 40.5% | 11.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CCXI Return | - | - | - | - | - | -1% | -1% |
| Peers Return | 0% | 0% | 0% | 0% | 8% | -15% | -8% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -5% | 72% |
Monthly Win Rates [3] | |||||||
| CCXI Win Rate | - | - | - | - | - | 50% | |
| Peers Win Rate | 0% | 0% | 0% | 0% | 8% | 30% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 33% | |
Max Drawdowns [4] | |||||||
| CCXI Max Drawdown | - | - | - | - | - | -2% | |
| Peers Max Drawdown | 0% | 0% | 0% | 0% | 0% | -16% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -5% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: ADAC, ALUB, APAC, ARTC, BBCQ.
[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 3/27/2026 (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 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -26.9% | -25.4% |
| % Gain to Breakeven | 36.7% | 34.1% |
| Time to Breakeven | 525 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -43.3% | -33.9% |
| % Gain to Breakeven | 76.5% | 51.3% |
| Time to Breakeven | 295 days | 148 days |
| 2018 Correction | ||
| % Loss | -26.1% | -19.8% |
| % Gain to Breakeven | 35.2% | 24.7% |
| Time to Breakeven | 338 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -83.7% | -56.8% |
| % Gain to Breakeven | 515.2% | 131.3% |
| Time to Breakeven | 4,470 days | 1,480 days |
Compare to ADAC, ALUB, APAC, ARTC, BBCQ
In The Past
SPDR Select Sector Fund's stock fell -26.9% during the 2022 Inflation Shock from a high on 1/12/2022. A -26.9% loss requires a 36.7% gain to breakeven.
Preserve Wealth
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Asset Allocation
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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)
AI Analysis | Feedback
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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|---|---|---|---|---|---|---|---|
| 02282026 | NDAQ | Nasdaq | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
| 02272026 | JEF | Jefferies Financial | 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% |
| 02272026 | ALAB | Astera Labs | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | 0.0% | 0.0% | 0.0% |
| 02272026 | PAYO | Payoneer Global | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | 0.0% | 0.0% | 0.0% |
| 02272026 | FOUR | Shift4 Payments | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 0.0% | 0.0% | 0.0% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 10.03 |
| Mkt Cap | 0.1 |
| Rev LTM | 0 |
| Op Inc LTM | -0 |
| FCF LTM | -0 |
| FCF 3Y Avg | - |
| CFO LTM | -0 |
| CFO 3Y Avg | - |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | - |
| Rev Chg 3Y Avg | - |
| Rev Chg Q | - |
| QoQ Delta Rev Chg LTM | - |
| 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 | 0.1 |
| P/S | - |
| P/EBIT | -322.7 |
| P/E | 267.6 |
| P/CFO | -258.1 |
| Total Yield | 0.4% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | - |
| D/E | 0.0 |
| Net D/E | -0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -0.0% |
| 3M Rtn | 0.6% |
| 6M Rtn | 0.6% |
| 12M Rtn | 0.6% |
| 3Y Rtn | 0.6% |
| 1M Excs Rtn | 8.0% |
| 3M Excs Rtn | 8.7% |
| 6M Excs Rtn | 4.1% |
| 12M Excs Rtn | -10.9% |
| 3Y Excs Rtn | -61.2% |
External Quote Links
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| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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