We recently compiled a list of the 10 Micro-, Small-Cap Firms Were Last Week’s Top Performers. In this article, we are going to take a look at where Chimerix, Inc. (NASDAQ:CMRX) stands against the other stocks.
Micro- and small-cap companies dominated the stock market last week, clocking in impressive gains on the back of a flurry of catalysts that boosted investing appetite.
We named last week’s top 10 performers that outperformed the Russell 2000 index, which dropped by 4.04 percent week-on-week. Among them, one firm particularly stood out with its outstanding 317-percent jump, thanks to a $1-billion deal that could fuel its growth prospects.
To come up with the list, we considered the stocks with the highest week-on-week change, comparing their share prices on March 7 and February 28.
We classified micro-cap companies as those with a market capitalization below $300 million and small-cap firms as those with a market capitalization below $2 billion.
A scientist in a lab coat observing a sample under a microscope, illuminating the biopharmaceutical research undertaken by the company.
Chimerix, Inc. (NASDAQ:CMRX)
Chimerix, Inc. (NASDAQ:CMRX) soared by 60.5 percent last week to end at $8.43 apiece versus the $5.25 price week-on-week, as investor sentiment was boosted by news that it was set to be acquired by Jazz Pharmaceuticals.
In a statement on Wednesday, Jazz said that it entered into a definitive agreement with Chimerix, Inc. (NASDAQ:CMRX) to acquire the latter’s shares for $8.55 apiece for a total of $935 million.
Jazz said both parties expect to conclude the deal in the second quarter of the year.
The acquisition will allow Jazz to add Chimerix, Inc. (NASDAQ:CMRX)’s clinical asset dordaviprone to its oncology research and development pipeline—a novel first-in-class small molecule treatment in development for H3 K27M-mutant diffuse glioma, a rare, high-grade brain tumor that most commonly affects children and young adults.
“We are encouraged by the dordaviprone clinical trial results to date and look forward to closing the proposed acquisition and working with our new colleagues from Chimerix, Inc. (NASDAQ:CMRX) to fully leverage our combined R&D and commercial expertise to deliver this novel therapy to patients, beginning as early as the second half of this year,” said Jazz Chairman and CEO Bruce Cozadd.
Overall CMRX ranks 6th on our list of last week’s top performers. While we acknowledge the potential of CMRX as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than CMRX but trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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Disclosure: None. This article is originally published at Insider Monkey.
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