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Fly News Breaks for December 28, 2015
CMRX
Dec 28, 2015 | 10:09 EDT
After a trial of brincidofovir failed to achieve its primary endpoint of preventing CMV infection in patients undergoing allogeneic transplant, and the company paused enrollment in two other phase 3 studies of the drug in solid organ transplants, Piper Jaffray analyst Joshua Schimmer removed the drug's potential use in CMV and solid organ from his estimates and slashed his price target on the stock to $10 from $63 per share. Noting that brincidofovir may still have a path forward in treatment of adenovirus and smallpox and that any positive news could result in "meaningful upside" from here, the analyst keeps his Overweight rating on the stock.
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