H.C. Wainwright analyst Edward White has maintained their bullish stance on CMRX stock, giving a Buy rating today.
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Edward White’s rating is based on several favorable factors surrounding Chimerix. Firstly, the FDA’s acceptance of the New Drug Application for dordaviprone, coupled with the granting of priority review, demonstrates the potential impact and urgency of this treatment for patients with recurrent H3 K27M-mutant diffuse glioma. The absence of an ADCOM meeting indicates a smoother path towards approval, and the drug’s ability to penetrate the blood-brain barrier effectively adds to its appeal. Additionally, the potential market for dordaviprone is significant, with an estimated total addressable market exceeding $1 billion, and Chimerix forecasts a launch in the third quarter of 2025 with initial sales of $6 million.
Furthermore, the ongoing Phase 3 ACTION study is expected to provide interim overall survival data by the third quarter of 2025, which would be crucial for post-marketing requirements. Previous Phase 2 data demonstrated promising response rates, lending further support to the drug’s clinical prospects. The valuation of Chimerix’s stock, with a price target of $11, is derived from a probability-adjusted net present value of revenue forecasts through 2029 and aligns with industry peers. Despite inherent risks in commercial, regulatory, and clinical aspects, among others, the overall assessment suggests a promising outlook for Chimerix, justifying the Buy rating.
In another report released today, TD Cowen also maintained a Buy rating on the stock with a $12.00 price target.