Wedbush Raises Price Target on Idenix Pharmaceuticals (IDIX) Following Pipeline Update

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Wedbush is reiterating its Outperform rating on shares of Idenix Pharmaceuticals Inc. (NASDAQ: IDIX) and is raising its price target from $15 to $16 despite missing its Q4 expectations.

The company provided an update on its pipeline, which the firms notes was pretty encouraging. An analyst at Wedbush comments, "We continue to view IDIX as a likely take-out candidate based on the company’s core competence in nucleoside-based therapies, as well as its promising albeit early NS5A data."

For Q1, the firm is estimating EPS of ($0.15) on $1.8 million in revenues. Wedbush forecasts EPS will be ($0.53) for FY12 as revenues come in at $7.4 million.

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 $12.29 yesterday, with a 52 week range of $2.67-$15.25.

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