UPDATE: Morgan Stanley Reiterates on Chimerix as New AdV Trial Highlights Broad Brincidofovir Potential

In a report published Wednesday, Morgan Stanley analyst David Friedman reiterated an Overweight rating on Chimerix (NASDAQ: CMRX), but removed the $34.00 price target.

In the report, Morgan Stanley noted, “Chimerix announced today that based on urgent patient need, they have negotiated with the FDA to immediately start an open label 20 pt adenovirus (AdV) trial. Furthermore, the company notes that the FDA has agreed to work with them towards expanding this open label trial into a more comprehensive, pivotal Ph 3 AdV trial. We view this as a good outcome for the company and pts, and reinforces our view that this drug likely has broader potential beyond the recent focus on CMV prevention in high risk stem cell transplants (SCT).”

Chimerix closed on Tuesday at $20.80.