- Shares of Chimerix Inc (NASDAQ: CMRX) dropped 81 percent this week, dropping almost to their 52-week low at $6.62.
- Barclays’ Geoff Meacham has maintained an Overweight rating on the company, while lowering the price target from $65 to $12.
- The company announced that its brincidofovir SUPPRESS study failed to meet the primary endpoint in the prevention of cytomegalovirus infection.
Analyst Geoff Meacham explained that “stem-cell transplant patients treated with drug showed an increase in the incidence of CMV (cytomegalovirus) infections as well as a non-statistically significant increase in morbidity.”
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However, Meacham added that it was still premature to write brincidofovir off. Despite the news of failure, Meacham also believes that there could be upside to the stock, given the clarity regarding the adenovirus (AdV) approval following the AdVise study, and resumption of solid organ transplant studies.
According to the Barclays report, Chimerix “highlighted higher rates of Graft-versus-host-disease (GvHD) and cumulative steroid doses on the brincidofovir arm, though it is unclear whether these will ultimately justify a patient selection strategy to utilize for further development in CMV.”
The 2016 EPS estimate has been lowered from $(1.82) to $(2.31).
27% profit every 20 days?
This is what Nic Chahine averages with his option buys. Not selling covered calls or spreads… BUYING options. Most traders don’t even have a winning percentage of 27% buying options. He has an 83% win rate. Here’s how he does it.