Strong Buy Rating for Chimerix on Robust Financials and Promising Drug Pipeline

Analyst Edward White from H.C. Wainwright reiterated a Buy rating on Chimerix (CMRX – Research Report) and keeping the price target at $11.00.

Edward White has given his Buy rating due to a combination of factors that suggest a positive outlook for Chimerix’s stock. Despite an EPS reported for 1Q24 that was slightly below the firm’s estimate, Chimerix’s financial position seems sturdy with a significant cash reserve, which is projected to sustain the company’s operations well into the fourth quarter of 2026. This financial stability is a crucial aspect of the company’s ability to continue its development efforts without immediate capital concerns.
Moreover, the company’s lead drug candidate, dordaviprone, has shown promise with its Fast Track Designation from the FDA and Rare Pediatric Disease Designation, highlighting its potential to meet significant unmet medical needs. The ongoing Phase 3 ACTION study’s design and progress, along with the expected interim overall survival data in 2025, are encouraging factors. The possibility of accelerated approval in various markets, coupled with the anticipation of a late 2026 launch, contributes to the positive assessment of the company’s prospects and supports the Buy rating.

In another report released yesterday, Capital One Financial also reiterated a Buy rating on the stock with a $7.00 price target.

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Chimerix (CMRX) Company Description:

Chimerix, Inc. is a biopharmaceutical company, which engages in the research, development, and commercialization of pharmaceutical products. Its portfolio includes Brincidofovir for the treatment of adenovirus, cytomegalovirus, and smallpox. The company was founded by George R. Painter, III and Timothy Wollaeger in April 2000 and is headquartered in Durham, NC.