Analyst Joseph Thome of TD Cowen maintained a Buy rating on Chimerix (CMRX – Research Report), with a price target of $8.00.
Joseph Thome’s Buy rating for Chimerix is based on several key factors. Firstly, Thome highlights the progress of Chimerix’s Phase III ACTION study for dordaviprone, with 113 active sites across 12 countries. He also points out that the initial OS data for this study is on track for early 2025. Additionally, Thome appreciates the company’s adherence to its timeline predictions, including their expectation for the completion of dose escalation work for ONC206 by the first half of 2024.
The second rationale behind Thome’s Buy rating can be attributed to his confidence in Chimerix’s potential, based on their management and strategic decisions. He underlines that the company’s decision to focus on completion of the pivotal Phase III study rather than seeking an accelerated approval demonstrates sound judgement. Furthermore, Thome views the strong interest and high level of engagement from investigators as a positive indication for the future of the study. Lastly, he notes the high unmet need in the patient population and the optimism for uptake, thus considering the shares undervalued for their potential.
Thome covers the Healthcare sector, focusing on stocks such as Chimerix, United Therapeutics, and Ardelyx. According to TipRanks, Thome has an average return of -15.0% and a 29.63% success rate on recommended stocks.
See today’s best-performing stocks on TipRanks >>
TipRanks tracks over 100,000 company insiders, identifying the select few who excel in timing their transactions. By upgrading to TipRanks Premium, you will gain access to this exclusive data and discover crucial insights to guide your investment decisions. Begin your TipRanks Premium journey today.
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.
Read More on CMRX:
