If you are or were a shareholder of Chimerix Inc (NASDAQ:CMRX), yesterday was a terrible day as the stock dropped over 80% after the company announced disappointing results for it’s phase 3 trial of its antiviral medication. brincidofovir. As the stock dropped from over $35 per share to as low as $6.43, investors and traders seemingly ran for the exits. This morning, however, in pre-market trading we are witnessing a bit of a bounce. Shares of Chimerix Inc (NASDAQ:CMRX) are trading up $0.38 or 5.74% thus far this morning as bargain hunters seem to be looking for a solid entry point. While this has certainly been a major setback for the company, it doesn’t mean that brincidofovir is done. In fact the company will continue to push forward with research and development on this product.
We will be following Chimerix Inc (NASDAQ:CMRX) throughout the morning to see if this bounce has any legs, or if the stock returns to the red after a quick burst of buying. The stock closed at $6.62 during the last trading session. It is down 84.41% since May 26, 2015 and is downtrending. It has underperformed the S&P500 by 82.15%.
From a total of 7 analysts covering Chimerix Inc (NASDAQ:CMRX) stock, 5 rate it a “Buy”, 0 a “Sell”, and 2 a “Hold”. This means that 71% of the ratings are positive. The highest target price is $63 while the lowest target price is $10.0. The mean of all analyst targets is $33 which is 398.49% above today’s ($6.62) stock price. Chimerix Inc was the topic of 9 analyst reports since August 5, 2015 according to the firm StockzIntelligence Inc. Barclays Capital maintained shares on December 29 with a “Overweight” rating. FBR Capital downgraded CMRX stock in a recent report from December 28 to a “Mkt Perform” rating. Finally, Morgan Stanley downgraded the stock to a “Equal-Weight” rating in a report they issued on an October 5.
The institutional sentiment decreased to 1.47 in Q2 2015. It’s down 0.73, from 2.2 in 2015Q2. The ratio turned negative, as 24 funds sold all their Chimerix Inc shares they owned while 40 reduced their positions. 27 funds bought stakes while 67 increased their total positions. Institutions now own 50.58 million shares which is 24.74% more than the previous share count of 40.55 million in 2015Q2.
New Leaf Venture Partners L.L.C. holds 11.76% of its total portfolio in Chimerix Inc, equating to 355,007 shares. Oracle Investment Management Inc owns 986,421 shares representing 7.71% of their total US portfolio. Moreover, Opaleye Management Inc. has 5.83% of their total portfolio invested in the company, equating to 310,000 shares. The New York-based Aisling Capital Llc has a total of 4.85% of their portfolio invested in the stock. Biondo Investment Advisors Llc, a Pennsylvania-based fund reported 223,374 shares owned.
Since April 3, 2015, the stock had 0 insider purchases, and 3 sales for a total of $1.57 million in net activity. Demski Martha J sold 2,000 shares worth $75,368. Trost Timothy W. sold 28,000 shares worth $1.40M.
Chimerix, Inc. a biopharmaceutical company dedicated to discovering, developing and commercializing oral antivirals. The company has a market cap of $1.64 billion. The Company’s lipid conjugate technology has developed its lead compound, brincidofovir , which is in Phase III clinical development. It currently has negative earnings. It is clinical-stage nucleotide analog lipid-conjugate which has demonstrated potent antiviral activity and safety in convenient, orally administered dosing regimens.