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On Wednesday, TD Cowen maintained a positive outlook on shares of Chimerix (NASDAQ:CMRX), reiterating its Buy rating and an $8.00 price target for the stock. The endorsement came after the company disclosed a net loss of $20.7 million and reported a cash balance of $171.5 million as of June 30.
The management of Chimerix has emphasized ongoing patient recruitment for the Phase III trial of dordaviprone, a drug aimed at treating H3 K27M mutant glioma, a form of brain cancer. They anticipate conducting the initial overall survival (OS) interim analysis in the third quarter of 2025.
Furthermore, the company expects to complete the enrollment for the final dose escalation cohorts of ONC206, another therapeutic candidate, in the second half of 2024. Chimerix is also planning to provide an initial efficacy update in the first half of 2025.
The firm's current financial position, with a substantial cash balance, and the ongoing clinical trials are critical components of TD Cowen's continued endorsement of Chimerix. The price target of $8.00 remains unchanged, aligning with the firm's confidence in the company's potential and the progress of its clinical programs.
In other recent news, Chimerix Inc . reported its Q2 2024 financials and updates on its drug studies. The company posted a net loss of $20.7 million, with research and development expenses amounting to $18.4 million. Despite this, Chimerix continues to make progress in its lead program, dordaviprone, and expects an interim overall survival readout in Q3 2025.
Furthermore, the company is advancing its second-generation imipridone, ONC206, with plans to complete enrollment in dose escalation trials by the end of 2024. Chimerix also revealed a strong cash reserve of over $171 million, forecasting sufficient funds to sustain operations until Q4 2026.
Other significant developments include the company's intention to file a New Drug Application for dordaviprone in Australia by the end of 2024. These are among the recent developments concerning Chimerix.
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