In a report released today, Soumit Roy from JonesTrading maintained a Buy rating on Chimerix (CMRX – Research Report), with a price target of $7.00.
Soumit Roy’s rating is based on several strategic factors surrounding Chimerix’s ongoing clinical trials and financial position. The company has paused U.S. enrollment in their Phase 3 ACTION trial to avoid potential confounding factors as they approach a significant regulatory milestone with the FDA’s priority review of dordaviprone for recurrent glioma, with a PDUFA date set for August 18, 2025. This strategic pause is seen as a move to streamline their regulatory process and focus on the upcoming decision, which could significantly impact the company’s market position.
Despite the enrollment pause, the investment thesis remains strong due to the company’s solid cash position, with approximately $152.4 million in cash and equivalents, which is expected to sustain operations into the fourth quarter of 2026. Additionally, key upcoming catalysts, such as efficacy data from the Phase 1 PNOC023 study and the PDUFA decision, are anticipated to drive future growth. While short-term stock pressure is expected, the long-term outlook remains positive, supporting the Buy rating.
Roy covers the Healthcare sector, focusing on stocks such as Chimerix, Enliven Therapeutics, and Oric Pharmaceuticals. According to TipRanks, Roy has an average return of -24.0% and a 17.74% success rate on recommended stocks.
In another report released on February 18, TD Cowen also maintained a Buy rating on the stock with a $12.00 price target.