Piper Jaffray Sees Post Blow-Up Opportunity in Chimerix (CMRX); PT Up to $18

Piper Jaffray analyst Joshua Schimmer reiterated an Overweight rating and boosted his price target on Chimerix (NASDAQ: CMRX) to $18.00 (from $11.00), calling it a high conviction, post blow-up opportunity.

Schimmer commented, "As understanding of the failed SUPPRESS trial evolves, we have increased conviction that brinci will prove to be an approvable drug for adenovirus (active infection) and smallpox (prophylaxis stockpiling), and potentially for allogeneic transplant and solid organ transplant. After capitulation by analysts/investors has left the stock trading with a sub-zero enterprise value (and large cash position), we see a number of clear paths to value creation. Some of the best biotech investment opportunities present themselves after seemingly "fatal" setbacks which prove anything but, and we believe this is the case with CMRX. We are increasing our price target to $18 from $11."

For an analyst ratings summary and ratings history on Chimerix click here. For more ratings news on Chimerix click here.

Shares of Chimerix closed at $7.17 yesterday.

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