Why Chimerix Inc. (NASDAQ:CMRX) Jumped on High Volumes

by Liza Smith | Monday, Mar 17, 2014 | 915 views

Boston, MA, 03/17/2014 – Chimerix Inc. (NASDAQ:CMRX) has been trading on higher volumes as well as its stock rallying in the market by highs of 18.2% as a result of the company entering into an agreement with the Food and Drug Administration. The agreement comes at the back of intensified lobbying and plead from the general public for the company to allow doctors use one of its pill to save Josh, a 9 month old boy suffering from a rare form of Kidney cancer

The boys’ immune system has weakened over the past year with doctors detecting an infection of the adenovirus spreading in his body. Having already given him an antiviral drug, the illness has still got worse the last option on the table relies on the use of Chimerix unapproved Brincindofovir pill

Twice doctors at St Jude had asked for permission from Chimerix Inc. (NASDAQ:CMRX), to use the drug on the kid but were turned down prompting the FDA to step in and allow the usage of the pill even though it has not been approved. The positive news caused Chimerix stock gap up sharply on Wednesday trading session by 18.2% on Thursday trading session. The company’s stock has consequently risen above its two month range and has also set a 7 month high.

Chimerix Covered by Stifel Nicolaus

Analysts at Stifel Nicolaus have weighed into Chimerix Inc. (NASDAQ:CMRX)’s stock rating it as a Buy with a price target of $34, the company currently commands a one year low of $12.96 with a one year high of $27. Its 50 day moving average stands at $19.56 with a 200 day moving average of $17.45. Chimerix market cap currently stands at $697.4 million.

Analysts at Morgan have reiterated a buy rating on the company’s stock with a price target of $34 with analysts art Canaccord also maintaining a buy rating. Chimerix is currently rated as a buy, by seven research equities.

Chimerix Inc. (NASDAQ:CMRX) was up by 2.80% on Friday trading session closing the week at a high of $27.14

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