Leerink Swann maintains an 'Outperform' on Idenix Pharmaceuticals (IDIX); Clinical Hold Feels More Like Precaution

August 17, 2012 8:46 AM EDT Send to a Friend
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Price: $24.50 --0%

Rating Summary:
    2 Buy, 14 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 27 | Down: 26 | New: 17
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Leerink Swann maintains an 'Outperform' on Idenix Pharmaceuticals Inc. (NASDAQ: IDIX) price target of $13.00.

Analyst, Howard Liang, said, "While the FDA's partial hold on IDX184 could potentially delay IDIX's IFN-free combination trial initially planned by YE:12 and likely puts any partnership discussions on hold, we believe it likely reflects the structural resemblance between IDX184 and BMS'094 (INX-189, BMY) Bristol Myer (NYSE: BMY), resulting in an identical active metabolite. We believe that after the sell-off yesterday there is little valuation in the stock for IDX184 or other pipeline agents, as our NPV analysis suggests that probability-weighted potential royalties from GILD's GS-7977 (Nasdaq: GILD) (as a result of ongoing patent interference proceedings) would support IDIX's current market cap."

For an analyst ratings summary and ratings history on Idenix Pharmaceuticals Inc. click here. For more ratings news on Idenix Pharmaceuticals Inc. click here.

Shares of Idenix Pharmaceuticals Inc. closed at $5.84 yesterday.


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