Chimerix Continues Long Consolidation Phase
Chimerix Inc. (NASDAQ: CMRX) shares are trading higher by $0.43 at $7.53 in Friday's session.
The issue has been in a well defined a trading range since it was torched on December 28, falling from its previous close of $35.57 to an all time low at that time ($6.43) and closing low ($6.62).
The catalyst for the decline is results from a Suppress trial of Brincidofovir that did not achieve a primary endpoint.
That low has defined the lower-end of the range when its new all time low was made on February 9 at $5.15.
Although officially the upper end of the range was established three days after the initial plunge at ($9.75), all intra-day highs since January 26 have peaked $9 or below.
For now, investors in the issue are speculating their cash holdings of nearly $6 per share will be enough to sustain the company until a blockbuster drug comes out of the pipeline.
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