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Michael T. Andriole, President and CEO of Chimerix Inc . (NASDAQ:CMRX), recently sold 7,370 shares of the company's common stock, according to a recent SEC filing. The shares were sold at a weighted average price of $4.5159 per share, totaling approximately $33,282. The transaction comes as Chimerix trades near its 52-week high of $4.65, having delivered an impressive 418% return over the past six months. According to InvestingPro analysis, the stock appears to be trading above its Fair Value.
The transaction, which took place on February 13, 2025, was conducted to cover the tax liabilities incurred from the vesting of a restricted stock unit award granted in February 2024. This sale was executed under an automatic sell-to-cover arrangement, as per Rule 10b5-1 under the Exchange Act. InvestingPro data shows that while Chimerix maintains a strong current ratio of 6.33 and holds more cash than debt, the company is currently experiencing rapid cash burn. Get access to 15+ additional ProTips and comprehensive analysis with InvestingPro.
Following this transaction, Andriole retains direct ownership of 609,603 shares of Chimerix, maintaining significant skin in the game at the company, which currently has a market capitalization of approximately $398 million.
In other recent news, Chimerix has submitted Dordaviprone for accelerated approval and is currently awaiting a decision from the FDA, as reported by TD Cowen. The company is also optimistic about a Priority Review Voucher and a Prescription Drug User Fee Act action date in the third quarter of 2025, according to H.C. Wainwright. The same firm reaffirmed its Buy rating for Chimerix, forecasting a potential launch for Dordaviprone in the third quarter of 2025 with projected sales of $6 million for that year.
In addition to these developments, Chimerix has announced the amendment and restatement of its Officer Severance Benefit Plan, extending its term for an additional three years from November 12, 2024. The revised severance plan outlines the terms and conditions applicable to the company's officers in the event of their departure.
These are among the recent developments for Chimerix, which is also part of TD Cowen's list of firms to watch for key biotech developments in 2025. Other companies mentioned by TD Cowen include ANAB, UTHR, QURE, ALKS, JAZZ, PRME, XENE, PTCT, RAPP, and CMRX, all of which are expected to release significant clinical trial data or regulatory milestones.
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