Barclays Downgrades Chimerix Following Lowered Expectations

  • Shares of Chimerix Inc CMRX have plunged more than 40 percent in premarket trade on February 23.
  • Barclays’ Geoff Meacham has downgraded the rating on the company from Overweight to Equal Weight, while lowering the price target from $12 to $6.
  • Following the release of full data from the SUPPRESS study of Chimerix’s brinci, Meachem has lowered expectations of success for the ongoing phase 3 adenovirus study (AdVise).

Analyst Geoff Meacham reported, “Chimerix presented full data from the failed SUPPRESS study of brinci (CMV prevention) at the Tandem BMT meeting over the weekend likely removing any chance of a near-to-mid term path to approval in CMV or Solid Organ Transplants (SOT).”

This not only moves the timelines back significantly for the preclinical IV brincidofovir formulation in CMV, while raising concerns regarding whether oral brincidofovir continues to be viable in SOT.

Given this development, Meacham expressed lower confidence in the ongoing AdVise study leading to positive data, as well as for the approval for the candidate.

Meacham has lowered the probability of success for AdVise from the earlier 80 percent to 20 percent, with data expected in mid-2016.

“Beyond that, the catalyst calendar is relatively sparse with timing for phase 2 data in SOT or the IV brincidofovir formulation lacking any clarity for now,” the Barclays report added.

Posted In: BarclaysGeoff MeachamAnalyst ColorDowngradesPrice TargetAnalyst Ratings

Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.

Rate collection and criteria: Click here for more information on rate collection and criteria.