Chimerix (CMRX) Stock Plummets 60% After Q1 Earnings Disappointment

Chimerix (NASDAQ:CMRX) stock is falling hard on Monday following the release of its earnings report for the first quarter of 2022.

A close-up shot of a hand holding a variety of pills representing CMRX stock.

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The most recent earnings report from Chimerix includes diluted earnings per share of -28 cents. That’s better than the -33 cents per share that Wall Street was expecting. It’s also an improvement over the company’s diluted EPS of -$1.21 from the same period of the year prior.

Chimerix also reported revenue of $15,000 in the most recent quarter. It’s worth pointing out that this is a massive drop from the company’s revenue of $1.4 million during the same time last year. It attributes this to a lack of “BARDA reimbursement revenue in 2022 versus 2021 for TEMBEXA development.”

It’s also worth mentioning that Chimerix announced the sale of TEMBEXA to Emergent BioSolutions (NYSE:EBS) earlier this morning. This has it securing a $225 million upfront payment with the potential for more from royalties.

Chimerix CEO Mike Sherman also provided an update on its pipeline in the earnings report.

“Following an internal review of our pipeline, we will no longer be investing in the DSTAT program. This narrower focus of development resources will ensure we optimize our execution in bringing ONC201 to patients as quickly as possible.”

CMRX stock has been volatile this morning alongside heavy trading of the shares. That has some 18 million units on the move as of this writing. This is well above the company’s daily average trading volume 1.2 million shares.

CMRX stock was soaring higher in pre-market trading but is down 59.6% as of Monday morning.

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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

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