Chen previously estimated the odds of a turnaround for the struggling smartphone maker at 50-50, but he increased those chances at Re/code's Code Conference in Rancho Palos Verdes, Calif.
"We have a lot of problems, but it's not dead," said Chen, who took over as CEO in November. "I am quite positive that we will be able to save the patient."
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Chen also said on CNBC he expects the company's cash flow will be positive or break even by the end of the fiscal year. Finally, he said during the Code Conference that Blackberry will return to its enterprise users in an attempt to refocus on its audience.
"I don't really want to comment on past management decisions, but we cast our net a little too broad," he said. "At the same time, we haven't really added value to the enterprise space."
The stock was up 5.01% to $7.66 at 10:48 a.m.
Separately, TheStreet Ratings team rates BLACKBERRY LTD as a "sell" with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate BLACKBERRY LTD (BBRY) a SELL. This is driven by a number of negative factors, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its feeble growth in its earnings per share, deteriorating net income, disappointing return on equity, weak operating cash flow and generally disappointing historical performance in the stock itself."