- Chimerix Inc CMRX shares have plunged 85.69 percent over the past six months, declining almost to their 52 week low on December 28, at $6.62.
- J.P. Morgan analysts have downgraded the rating on the company to Neutral, with a price target of $15.
- The company announced the topline results from its Phase III SUPPRESS study of brincidofovir in the prevention of CMV in HCT patients.
According to the J.P. Morgan report, “Unexpectedly and disappointingly, brincidofovir did not meet the primary endpoint of preventing CMV infections during the 24-week post-transplant period.”
Although treatment with brincidofovir did lead to a lower CMV infection rate during the period of treatment, the failure to meet the primary endpoint was driven by late-onset CMV, after the end of treatment.
“Specifically, there appears to have been an increase in rates of graft-versus-host disease (GVHD) in the brincidofovir arm and associated higher steroid use to treat the GVHD, which in turn likely resulted in immunosuppression and increased CMV infections over the post-treatment window,” the report said.
In addition, that was an increase, albeit not statistically significant, in mortality among patients treated with brincidofovir, as compared to placebo, associated with the increased incidence of GVHD.
While the stock has declined sharply following the disappointing news, the analysts believe that there are several issues that the company would need to address before investor confidence could be restored in brincidofovir’s potential.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.